On September 9, 2008, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 2.530 percent Total propositions submitted: $46.237 billion Total propositions accepted: $25.000 Bid/cover ratio: 1.85 Number of bidders: 53 Bids at the stop-out rate were prorated at 28.63% 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 Sept. 11, 2008, and will mature on October 9, 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 Sept. 10, 2008. Participants have until noon EDT on Sept. 10, 2008, to inform their local Reserve Bank of any error.
