A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, September 15, 2026, at 10:30 a.m. and continued on Wednesday, September 16, 2026, at 9:00 a.m. Developments in Financial Markets and Open Market Operations The manager started with an overview of developments in financial markets over the intermeeting period. Asset prices were affected by economic data that pointed to a resilient economy with persistent inflation, an escalation of geopolitical tensions that pushed up energy prices, and policy communications. The market-implied policy path, Treasury yields, near-term inflation compensation, and equity prices all increased, and the dollar depreciated. Regarding expectations for U.S.