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In a recent meeting (January 16, 2020) of the Federal Open Market Committee (FOMC), the Federal Reserve eliminated the reserve requirement on deposits and other

In a recent meeting (January 16, 2020) of the Federal Open Market Committee (FOMC), the Federal Reserve eliminated the reserve requirement on deposits and other reserve items at banks and other depository institutions up to $16.9 million and reduced the reserve ratio to 3% on amounts $16.9 to $127.5 million.What is the impact of the Fed's action (above) on the economy?

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