In the agenda for this meeting, it was reported that Loretta J. Mester had been elected a member of the Federal Open Market Committee and that she had executed her oath of office. Developments in Financial Markets and the Federal Reserve's Balance Sheet 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. The SOMA manager reported on the System open market operations during the period since the Committee met on April 29-30, ... (full story)