Developments in Financial Markets, Open Market Operations, and Policy Normalization The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets. 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 Federal Open Market Committee (FOMC) met on July 28-29. Daily take-up in the Desk's overnight reverse repurchase agreement operations declined somewhat, apart from month-ends, likely reflecting some increase in money market interest rates. The deputy ... (full story)