Since the Fed began using interest payments rather than reserve requirements to control bank reserves in 2008,

A. banks have reduced their reserves relative to checkable deposits to the lowest level since the Great Depression.

B. The size of the deposit expansion multiplier has increased because the banks are holding more reserves.

C. banks have reduced their reserves and increased their outstanding loans, causing the money supply to increase rapidly.

D. The ratio of bank reserves to checkabledeposits has increased.