The Federal Reserve will consider an alternative to the federal funds rate to indicate short-term interest rate levels, according to the minutes from the FOMC's April 30-May 1 meeting, which were released Wednesday.

Several members suggested "the federal funds rate might not, in the future, be the best indicator of the general level of short-term interest rates, and supported further staff study of potential alternative approaches to implementing monetary policy in the longer term and of possible new tools to improve control over short-term interest rates."

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