Describe who issues each of the following money market instruments:a. Treasury billsb. Certificates of depositc. Commercial paperd. Repurchase agreemente. Fed funds

a. Treasury Bills: These are issued by the U.S. Department of the Treasury to finance the national debt and pay for government operations.

b. Certificates of Deposit: These are issued by banks and credit unions to individuals who wish to invest their savings for a fixed period of time.

c. Commercial Paper: This is a short-term debt instrument issued by large corporations to cover immediate expenses such as payroll and inventory.

d. Repurchase Agreement: This is a short-term borrowing for dealers in government securities. The dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day.

e. Fed Funds: These are short-term funds transferred (loaned or borrowed) between banks, usually for a period of one day. The rate on these funds is known as the fed funds rate and is set by the Federal Reserve (the central bank of the United States).