Starting from 2013, the federal reserve has implemented a new measure to fine-tune the federal funds rate to ensure that it does not fall below the desired level. This measure is called overnight reverse repurchase agreement award rate. Basically, this is the reverse of the repo we described above. In this scenario, the Fed sells securities to some participating financial institutions with the simultaneous agreement to purchase them back the next day. Effectively, the Fed is borrowing money from these financial institutions at an interest rate set by itself. This interest rate is the so-called “overnight reverse repurchase agreement award rate”. Compared to repo participating institutions which are so-called primary dealers with the highest credit quality, however, the participating institutions of the reverse repo have a larger set, which also includes the types of agencies described in part g of this question above. Now, with the overnight reverse repo in place, can the federal funds rate be below the overnight reverse repo award rate? Why or why not?