Which of the following statements is true about federal funds??
A. ?Federal funds offer loans at a coupon rate that is two times the market interest rate.
B. ?Federal funds have very long maturities, often 3 years or more.
C. ?Federal funds offer loans to the state government to meet the reserve requirements of the federal government.
D. ?Federal funds are used to repay the T-bills issued by the federal government.
E. ?Federal funds are used by banks to meet the reserve requirements of the Federal Reserve.
Answer: E
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