1st dropdown: decrease, increase

2nd dropdown: up, down

3rd dropdown: nonbank financial institutions, government agencies, 12 Federal Reserve (Fed) Districts

4th dropdown: higher, lower

KEVIN: As a result, reserves in the federal funds market , pushing the federal funds rate. MARIA: What does the Fed need the ON-RRP rate for? HUBERT: The Fed pays the ON-RRP rate to , which might lend at a federal funds rate that is than the IOR rate. KEVIN: As a result, reserves in the federal funds market , pushing the federal funds rate. MARIA: What does the Fed need the ON-RRP rate for? HUBERT: The Fed pays the ON-RRP rate to , which might lend at a federal funds rate that is than the IOR rate