The US Consumer Price Index (CPI), which measures the inflation rate, has slowed down to near 3% for the month of June 2023 from its 40-year high of 9.1% in June of last year. The US Federal Reserve Bank has established a long-term target of 2% for the CPI. In order to bring the CPI down from such a high level, the Federal Reserve Bank would typically___________ interest rates and establish quantitative tightening (QT) programs.

a. Decrease

b. Increase