On July 14, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 2.300 percent Total propositions submitted: $93.344 billion Total propositions accepted: $75.000 billion Bid/cover ratio: 1.24 Number of bidders: 82 Bids at the stop-out rate were prorated at 10.77% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).
The awarded loans will settle on July 17, 2008, and will mature on Aug. 14, 2008. The stop-out rate shown above will apply to all awarded loans.
Institutions that submitted winning bids will be contacted by their respective Reserve Banks by noon EDT on July 15, 2008. Participants have until 3:00 p.m. EDT on July 15, 2008, to inform their local Reserve Bank of any error.
