An open market purchase increases the monetary base. decreases the monetary base. increases the federal funds rate. is another name for a discount loan. An open market sale decreases the price of Treasury securities and also decreases their yield. increases the price of Treasury securities and decreases their yield. increases the price of Treasury securities and also increases their yield decreases the price of Treasury securities and increases their yield. As a result of an open market purchase, bank reserves rise and interest rates fall. fall and interest rates rise. and interest rates both rise. and interest rates both fall. Defensive open market transactions are aimed at achieving changes in monetary policy. are used much less frequently than dynamic open market transactions. are used to offset disturbances to the supply or demand for reserves. make it easy to deduce the Fed's intentions for monetary policy. Expansionary monetary policy consists of all of the following EXCEPT open market sales. lower interest rates. increased monetary base. increased money supply