U.S. Treasury Secretary Janet L. Yellen today convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions by videoconference. During the executive session, the Council heard an update from the Office of Financial Research (OFR) about hedge fund activities. The presentation addressed hedge fund activities during the market stresses in March 2020, including the relationship between hedge funds’ deleveraging and price declines in certain financial markets. The Council also discussed recent market developments related to hedge fund activities.