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The Fed Funds rate is still the reference for policy but the Fed has been using a new framework called "ample reserves" since the latter part of 2020. See:

"How Does the Fed Influence Interest Rates Using Its New Tools?"

https://www.stlouisfed.org/open-vault/2020/august/how-does-f...

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> the Fed has been using a new framework called "ample reserves" since the latter part of 2020

It’s been using an ample reserve regime for much longer than that. The Fed received congressional approval to implement a floor system around 2007 (it had been seeking it since the 80’s, I think), and has used it since the GFC. Are you possibly referring to the average inflation targeting framework?

Indeed I meant 2007, 2020 was the year the reserve requirements were adjust to a zero ratio which I was responding to in the earlier post.

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