In a joint session of the Federal Open Market Committee (FOMC) and the Board of Governors of the Federal Reserve System, the manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets. The deputy manager followed with a review of System open market operations conducted during the period since the Committee met on January 27–28, 2015. The deputy manager also discussed the outcomes of recent tests of supplementary normalization tools—namely, the Term Deposit Facility (TDF) and term and overnight reverse repurchase agreement operations (term RRP operations and ON ... (full story)