4. Consider monetary transmission during tight monetary policy. Which of the following is NOT a link in the transmission mechanism? O The rise in Fed Funds lowers the profitability of the liquidity spread for dealers unless the term rate rises proportionately O Economic impact depends on the effect on dealer behavior O The Fed raises the Fed Funds target rate O A rise in the term rate raises funding cost for bond dealers, so lowering expected profit on existing bond inventories O Higher profit expectations bid up the long term bond yields