Selection of Committee Officer By unanimous vote, the Committee selected Mark E. Van Der Weide to serve as general counsel, effective at the time he becomes the Board of Governors' general counsel, until the selection of his successor at the first regularly scheduled meeting of the Committee in 2018. Developments in Financial Markets and Open Market Operations The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets over the period since the June FOMC meeting. The intermeeting period was relatively uneventful. Bond yields in advanced economies increased ... (full story)

Federal Reserve officials engaged in a detailed debate about inflation while keeping the door open for a September announcement on the timing of balance-sheet reductions, according to minutes from their policy meeting in July.The minutes showed a majority of Federal Open Market Committee participants sticking with a forecast that inflation would gradually rise to their 2 percent target over the medium term. However, “many” saw some “likelihood that inflation might remain below 2 percent for longer than they currently expected,” according to minutes from the July 25-26 Federal Open Market Committee meeting released in ... (full story)