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p \"Noting that ination is proving to be much higher and much more persistent than the central bank's repeatedly revised upward forecasts, Chair Jerome Powell announced on Wednesday a faster rate in the reduction of its monthly asset purchases (the so-called taper). The Fed also signaled the probability of a more aggressive initial cycle of rate increases, noting that \"signicant progress\" has been made on \"maximum employment,\" the other component of its mandate.\" Explain and draw a graph using the AD/AS model 1. The current economic situation as viewed by the FED (Draw a graph showing LRAS/SAR/AD; upload the graph on I' . __ l 2. Expected FED action. (Draw a graph showing Federal Funds Market; upload the graph on M 3. The effects of potential FED action on the economy after the FED action (Draw a graph showing LRAS/SAR/AD; upload the graph on .2\" D Question 3 This news clip is an example from a recent FED meeting. \"Noting that ination is proving to be much higher and much more persistent than the central bank's repeatedly revised upward forecasts, Chair Jerome Powell announced on Wednesday a faster rate in the reduction of its monthly asset purchases (the so-called taper). The Fed also signaled the probability of a more aggressive initial cycle of rate increases, noting that \"signicant progress\" has been made on \"maximum employment,\" the other component of its mandate." Explain and draw a graph using the AD/AS model b 1. The current economic situation as viewed by the FED (Draw a graph showing LRAS/SAR/AD; upload the graph on Canvas) 2. Expected FED action. (Draw a graph showing Federal Funds Market; upload the graph on Canvas) 3. The effects of potential FED action on the economy after the FED action (Draw a graph showing-Em upload the