On Aug. 25, 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: 2.380 percent Total propositions submitted: $84.168 billion Total propositions accepted: $75.000 Bid/cover ratio: 1.12 Number of bidders: 66 Bids at the stop-out rate were prorated at 64.10% 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. 28, 2008, and will mature on Sept. 25, 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. 26, 2008. Participants have until 12:30 p.m. EDT on Aug. 26, 2008, to inform their local Reserve Bank of any error.
