During a phase of expansionary monetary policy there is likely to be:

Expansionary monetary policy is implemented to stimulate economic activity, typically when growth is weak or inflation is below target. Central banks achieve this by making money cheaper and more available, most commonly by lowering policy interest rates and or injecting liquidity through tools such as asset purchases. Lower interest rates reduce the cost of borrowing for households and businesses and can encourage spending, investment, and refinancing activity. They can also reduce returns on cash and high-quality bonds, encouraging investors to move into riskier assets, supporting asset prices and easing financial conditions. In addition, lower interest rates can weaken the domestic currency, improving export competitiveness and further supporting demand. A reduction in the money supply is the opposite of expansionary policy. An increase in interest rates would be contractionary. Taxation is set by government fiscal policy, not by the central bank, so a fall in taxation is not a monetary policy outcome. Therefore, the most likely feature of expansionary monetary policy is a decrease in interest rates.