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Open market sales will decrease the money supply. If the Federal Reserve sells government bonds to someone, that person will pay for the bonds with a check drawn on his or her bank and give this check to the Federal Reserve. The bank must either hand over the money in cash or reduce its total reserves with the Federal Reserve by that amount (O'Sullivan & Sheffrin, 2006).
Although bond interest rates are usually low, they are safe in promising to pay some money in the future. "If you own a bond, you are entitled to receive payments on it at a later time" (O'Sullivan & Sheffrin, 650).
This means of monetary policy would be achievable in the New York Stock Exchange...
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