On Oct. 20, 2008, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 1.110 percent Total propositions submitted: $113.271 billion Total propositions accepted: $113.271 billion Bid/cover ratio: 0.76 Number of bidders: 74 The awarded loans will settle on Oct. 23, 2008, and will mature on Nov. 20, 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 Oct. 21, 2008. Participants have until 12:30 p.m. EDT on Oct. 21, 2008, to inform their local Reserve Bank of any error.
