I understand how one can be nervous about casting off any pretense of monetary control, and counting entirely on an interest rate target to control inflation, no matter how much talk and modeling has gone that way since about 1982 when the Fed abandoned money targets in favor of explicit interest rate targets.
Let's review the pre-2008 system, which the corridor envisages going back to in whole (Taylor, zero interest on reserves and an inactive discount window) or in part (Selgin, I think, interest on reserves above zero but substantially below interest on other assets, a wide band between interest on reserves and an upper bound) or just touching (Fed, minimal floor).This is the same graph, with zero interest on reserves.
If the Fed implemented its interest rate target with a flat daily money supply curve, but raised the level of that target with the price level or inflation, we get the same implied upward sloping supply curve in response to inflation.
One borrowing rate, the interest on reserves rate, one lending rate, a repo rate, the Fed only takes short term treasuries as it only purchases short term treasuries (better yet, treasury electronic money, but that hasn't been invented yet), and the Fed will either purchase or repo.