3. As the central banking system of the United States, the Federal Reserve System (Fed) has three specific objectives for monetary policy: maximizing employment, stabilizing prices, and moderating long-term interest rates. Use the information given to finish the following questions. (1) The table includes real data of the money stock measures and their components in June 2020 (06/2020) and October 2021 (10/2021), which are obtained from the Federal Reserve. Use the model of money supply, fill the empty spots (values of the variables) in the table below. Also, use the data of 10/2021 to show step-by-step solutions for monetary base (B), total deposit (D), currency deposit ratio (cr), reserve deposit ratio (ry) and moneyf multiplier (m) in October 2021. Item 10/2021 Definition 06/2020 $ as billion) ($ as billion) M Money supply (as M2 $) 18, 175.7 21,187.1 C Currency (in circulation $) 1,958.3 2,202.9 R Reserve (balance $) 3,043.6 4,128.1 B Monetary base ($) D Total deposit ($) Currency-deposit ratio Reserve-deposit ratio m Money multiplier (2) In October 2021, the rate of inflation (CPI) piked at a 30-year high of 6.2% compared the level one year before in 2020. At the early November 2021 meeting, as a response to high inflation expectation, the Fed approved a plan to gradually reduce its asset purchases of $120 billion a month and slow down its bond-buying program by June 2022. Use your language to explain how this decision will affect money supply, money supply growth rate and inflation rate in the US? With a target inflation rate of 2.5%, to achieve a 2% real GDP growth rate in 2022, how much will be yearly money supply growth rate (with a constant velocity of money)