The Fed's Sale of U

The Fed's sale of U.S.government securities in its open market operations constitutes a(n)

A) contractionary policy because it lowers the amount of total reserves in the banking system
B) contractionary policy because it lowers the amount of required reserves in the banking system
C) expansionary policy because it raises the amount of total and excess reserves in the banking system
D) expansionary policy because it raises the amount of excess reserves and lowers the amount of required reserves in the banking system
E) expansionary policy because it raises the amount of required reserves in the banking system