Question: Which of the following statements accurately describes policy rates? Multiple select question. They are used to provide long-term loans to depository institutions facing adversity. They are easy to understand. They are used to communicate with the public. They explain whether or not the central bank feels expansionary, restrictive, or neutral. They are part of forward guidance programs. Which of the following statements accurately describes the three administered rates? Multiple select question. The interest on reserve balances applies to nondepository financial firms. The discount rate is paid to the Fed; the other rates are paid by the Fed. The overnight reverse repo rate applies to depository institutions Each of the three rates was lowered between 2020 and 2022 because of the pandemic.