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The FOMC has instructed the FRBNY Trading Desk to purchase $ 6 6 0 million in U . S . Treasury securities . The Federal

The FOMC has instructed the FRBNY Trading Desk to purchase $

660

million in U

.

.

Treasury securities

.

The Federal Reserve has currently set the reserve requirement at

6

percent of transaction deposits. Assume U

.

.

banks withdraw all excess reserves and give out loans.

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