The FOMC is presented with data and analysis showing that the output gap has gone from nearly 0 to large and negative. Additionally, inflation is 1.2% instead of the target rate, 2%. As a result, the FOMC is likely to influence interest rates in the macroeconomy by: [ Select ] the discount rate; [ Select ] the interest rate on reserves (IOR); and [ Select ] the interest rate on overnight repurchases (the ON RRP rate)