2. What was the Fed's announced monetary policy decision at the June 9-10, 2020 FOMC meeting? What rationale did the fed give for its decision? What hints did they give toward their outlook on the future? How did the nancial markets receive their decision? You should be able to nd the answer to all of these questions in one or two news reports following the meeting or in the press release issued by the fed. 3.Using Fischer's Quantity Theory of Money, calculate ination if velocity remains constant at 4.5 and real GDP increases from $800 billion to $9000 billion while the money supply increases from $1.50 trillion to $1.60 trillion. 4.Te|l what the axes of the Phillips Curve represent by PhillipsCurve adding labels to the axes of the adjacent graph. 5. During the holiday shopping season, when the public's holding of currency increases, what defensive open market operations would you expect? Why? 6. Who votes on the FOMC? '1'. If the Fed decides to use open market operations to raise the interest rate what will it do? Be specic about who within the Federal Reserve System makes the decision, and who else is involved in the process. B. If the Fed decides to use discount policy to increase the money supply what will it do? Be specic about who within the Federal Reserve System makes the decision, and who else is involved in the process. 9. Suppose that the required reserve ratio is 7.5%. If the Fed sells $530 million of bonds to the First National Bank. What happens to reserves and the monetary base? What will happen to the money supply? Show the changes in The Federal Reserve's balance sheet, First National Bank's balance sheet, and the collective banking system's balance sheet. 10. If the Fed raises the discount rate what effect will this have on the monetary base and on the money supply