On Aug. 12, 2008, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 2.450 percent Total propositions submitted: $75.462 billion Total propositions accepted: $50.000 billion Bid/cover ratio: 1.51 Number of bidders: 65 Bids at the stop-out rate were prorated at 51.56% 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 Sept. 11, 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. 13, 2008. Participants have until noon EDT on Aug. 13, 2008, to inform their local Reserve Bank of any error.
