Question 5 1 pts Because of the Fed's policy design, the equilibrium federal funds rate will fluctuate between: O a. The discount rate and the short-term Treasury bill rate. O b. The discount rate and the rate on certificates of deposit. O c. The discount rate and the interest rate on reserves. O d. The interest rate on reserves and the short-term Treasury bill rate. O e. The interest rate on reserves and the interest rate on bank deposits.Question 6 1 pts Suppose that currently we are in the era of scarce reserves. Which of the following monetary policy actions by the Fed will cause the equilibrium federal funds rate to decrease, for sure? 0 a. An open market sale. 0 b. A reduction in the discount rate. O c. A reduction in the required reserve ratio. 0 d. A quantitative tightening. 0 e. The Fed starts paying interest on reserves that is lower than the equilibrium fed fuds rate