Which of the following is NOT a part of the monetary base?

Name: Which of the following is NOT a part of the monetary base?
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Question

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U.S. government securities owned by the Fed are not a part of the monetary base, as they are not directly held as reserves or used as a medium of exchange. The other options listed (Chemical Bank's deposits of reserves at the Fed, First Bank's required reserves held at the Federal Reserve, and Federal Reserve notes) are all components of the monetary base.

Which of the Following Is NOT a Part of the Monetary