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The Fed bought $1.2 billion of T-bills. At the same time, the U.S. treasury collected $5.6 billion of taxes and deposited them with the Fed.

The Fed bought $1.2 billion of T-bills. At the same time, the U.S. treasury collected $5.6 billion of taxes and deposited them with the Fed. What is the net effect of these two transactions on the monetary base?

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