Developments in Financial Markets and the Federal Reserve's Balance Sheet The Manager of the System Open Market Account reported on developments in domestic and foreign financial markets as well as the System open market operations during the period since the Federal Open Market Committee (FOMC) met on July 30-31, 2013. The review included a report that the System's purchases of longer-term assets did not appear to have had an adverse effect on the functioning of the markets for Treasury securities or agency mortgage-backed securities (MBS), and that the Open Market Desk's operations in both sectors had proceeded ... (full story)