Go to www.federalreserve.gov, the Web site for the Federal Reserve Board of Governors, and read the most recent Federal Open Market Committee (FOMC) press release. At the Web site, select "Monetary Policy" at the top of the screen and then select "Federal Open Market Committee" on the far left of the screen. Select "Meeting Calendars, Statement, and Minutes." Finally, scroll down and select Statement for the date of the most recent FOMC meeting. Answer the following questions on the basis of the FOMC press release:

a. What did the FOMC do with the target for the federal funds rate?

b. On balance, does the FOMC appear to be more concerned about slow economic growth or high inflation?

c. What did the Board of Governors do with the discount rate?

d. Did the FOMC change the interest rate paid on bank reserves? Did it use the term deposit facility or any other lending facility?

e. Did the Fed announce that it was going to conduct quantitative easing-that is, buy long-term securities?