2. "The Federal Open Market Committee (FOMC) outlined its approach to monetary policy normalization in the Policy Normalization Principles and Plans that it issued after its September 2014 meeting. The FOMC indicated that there would be two main components to policy normalization: gradually raising its target range for the      federal funds rate      to more normal levels and gradually reducing the Federal Reserve's       securities holdings     . The Committee augmented these Principles and Plans at its March 2015 FOMC meeting by announcing more details about the approach it would use to raise the federal funds rate and other short-term interest rates."
Based on the above announcement by FOMC, please discuss, in detail with macroeconomic theory, the impacts on (a) the prices and yield rates of government securities, (b) the (nominal) exchange rates, and (c) the aggregate economic activities in the United States.(15 分)