Fed's Hammack open to reforming central bank interest rate target

NEW YORK, Oct 31 (Reuters) - Federal Reserve Bank of Cleveland President Beth Hammack said Friday she’s open to reforming the interest rate target used by the Fed to implement monetary policy.

Citing dramatic changes in the structure of money markets, Hammack said she was open to considering moving away from the central bank’s federal funds rate target toward another interest rate.

“I think it's time for us to look more broadly” about how best to implement monetary policy, she said in comments made at a Dallas Fed event.