The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets, including recent monetary policy actions of foreign central banks and the expectations of market participants for the trajectory of U.S. monetary policy. 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 January 26–27, 2016. Experience during the intermeeting period continued to suggest that the operational framework for 3 Attended Wednesday session only. monetary ... (full story)