When the Fed sells bonds in the open market, we can expect the exchange rate to rise and interest rates to fall. exchange rate and interest rates to rise. exchange rate to fall and interest rates to rise. exchange rate and interest rates to fall. When the Fed sells bonds in the open market, we can expect the exchange rate to rise and interest rates to fall. exchange rate and interest rates to rise. exchange rate to fall and interest rates to rise. exchange rate and interest rates to fall.