1. When the FOMC conducts monetary policy, it sets the target range for a. federal funds rate. b. interest on reserve balances rate. c. the overnight reverse repurchase agreement rate. d. open market operations. 2. Which monetary policy implementation tool is the primary tool the Fed uses to steer the federal funds rate into the FOMC's target range? a. Open market operations b. Interest on reserve balances c. Overnight reverse repurchase agreement facility d. Discount rate 3. Which monetary policy tool is a supplementary tool that sets a floor for the federal funds rate? a. Open market operations b. Interest on reserve balances c. Overnight reverse repurchase agreement facility d. Discount rate 4. Which monetary policy tool serves as a ceiling for the federal funds rate? a. Open market operations b. Interest on reserve balances c. Overnight reverse repurchase agreement facility d. Discount rate