In a joint session of the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System, the deputy manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets as well as System open market operations conducted during the period since the Committee met on September 16-17, 2014. In addition, the deputy manager summarized the outcomes of recent test operations of the Term Deposit Facility, described the results from the overnight reverse repurchase agreement (ON RRP) operational exercise, and reviewed the implications of recent ... (full story)