Volume Still Near A 40-Year Low For The Federal Funds Market

The Federal Funds market is showing no signs of reviving.  The Fed still targets the federal fund’s rate. They do this by using tools like fixed rate reverse repos and Interest on Excess Reserves (IOER).  This suggests they think it will return some day.  But as the chart below shows, this market’s volume is still down 90% from its peak and still bumping around a 40 year low.  It is showing no signs of reviving.  Should the Fed consider abandoning this target for another interest rate benchmark?