The two galactic `microquasars’ with superluminal radio jets have been quite
active during 1996, generatinga variety of studies involving both NASA and
ground-based observatories. GRS~1915+105 has displayed dramatic accretion
instability in observations with RXTE, revealing X-ray light curves and
emission states unlike anything previously seen. Variable QPOs in the range of
0.07–10 Hz have been monitored with the capability to track the individual
oscillations. The QPO amplitude is as high as 40% of the mean flux, while both
amplitude and phase lag increase with photon energy. The results imply a direct
link between the QPO mechanism and the origin of the energetic electrons
believed to radiate the X-ray power-law component. GRS1915+105 also displays a
transient yet stationary QPO at 67 Hz. The other source, GRO J1655-40, is an
optically established black hole binary. Recent optical reports include an
excellent model for the binary inclination and masses, while an optical
precursor to the April 1996 X-ray outburst has been measured. We report new
results from recent RXTE observations. GROJ1655-40 has displayed both the
canonical soft/high'' and very high’’ X-ray states, with QPOs at 8–22 Hz
during the latter state. In addition, there is a high-frequency QPO at 300 Hz.
The rapid oscillations in these sources are suspected of providing a measure of
the mass and rotation of the accreting black holes, although several competing
models may be applied when evaluating the results.

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