In March 2009, the Official Bank Rate (interest rate) in the United Kingdom was reduced to 0.5 percent, where it stayed for a few years. In August 2016, it was reduced to 0.25 percent. By November 2017, however, the interest rate had started to increase and by August 2018 it was as high as 0.75 percent. What effect did the bank hope the action will have on the economy? Be specific in your answer. What was the hoped-for result on C, I, and Y?