On Aug. 11, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 2.754 percent Total propositions submitted: $54.800 billion Total propositions accepted: $25.000 billion Bid/cover ratio: 2.19 Number of bidders: 64 Bids at the stop-out rate were prorated at 80.00% 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 Aug. 14, 2008, and will mature on November 6, 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 11:30 a.m. EDT on Aug. 12, 2008. Participants have until noon EDT on Aug. 12, 2008, to inform their local Reserve Bank of any error.
