Use the statement from the Federal Reserve's May 3, 2023, FOMC meeting to answer the following questions.  Here is a link to the statement: https://www.federalreserve.gov/newsevents/pressreleases/monetary20230503a.htm

 

 

currently, the Fed's primary method for changing the federal funds rate is to change the interest rate they pay on reserve balances, also called the IORB.  Changes in the IORB change the incentive for banks to lend money to other banks in the market for federal funds, which ultimately leads to a change in the federal funds rate.  It didn't say what they did in the meeting statement this time, but if you go here you can see what the Fed did to the IORB: https://fred.stlouisfed.org/series/IORB. Based on the graph shown on the linked page, what did the Fed do to the IORB?