With the onset of COVID-19, the Fed, led by Fed Chairman Jerome Powell, lowered its target interest rate (the federal funds rate) by 1.5 percentage points, to a range of 0.00 0.25 percent. This was done with 2 rate cuts during March 2020. Consider the market for money illustrated in the figure below. Assume the market initially (with the onset of COVID) is in equilibrium at point A. Describe the effects the Fed's actions will have on the market for money, MS Interest RM MD MA Quantity of MoneyMillions of datan) 2 MD: M 5 Quantity of Money M (billions of dollars) 8 The money supply curve will shift to the right The money supply curve will shift to the left. 1 The money demand curve will shift to the right . The money demand curve will shift to the left