The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets, including expectations of market participants for monetary policy action by the Federal Open Market Committee (FOMC) at this meeting and in the future. The deputy manager followed with a briefing on money market developments and System open market operations conducted by the Open Market Desk during the period since the Committee met on October 27-28. It was noted that the System's reverse repurchase (RRP) agreement operations continued to provide a soft floor under short-term interest rates. The ... (full story)