According to the video "The Fed in Five | A History of the Federal Reserve", in the late 1970s, the Fed, under the chairmanship of Paul Volcker, responded to both high inflation and high unemployment by: Question 17 Answer a. Increasing the growth in the money supply b. Lowering the fed funds rate of interest c. Increasing the purchase of long-term U.S. Treasury securities d. None of these answers are correct