RBC: The statement by Federal Reserve's Logan is the first step towards replacing benchmark interest rates.

RBC Capital Markets strategists Izaac Brook and Blake Gwinn wrote in a report on Thursday that Dallas Fed President Lorie Logan's statement about replacing the effective federal funds rate with other indicators as the key policy rate is just the first step towards potentially shifting to different central bank targets. This is not the first time that Fed officials have discussed changing policy targets, although previous discussions have not led to any outcomes. The strategists wrote, "However, there are two heavyweights in the FOMC who are focused on market plumbing issues, which increases the likelihood of a change in policy targets indeed happening."