On Nov. 3, 2008, the Federal Reserve conducted an auction of $150 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 0.600 percent Total propositions submitted: $138.939 billion Total propositions accepted: $138.939 billion Bid/cover ratio: 0.93 Number of bidders: 89 The awarded loans will settle on November 6, 2008, and will mature on Jan. 29, 2009. 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. EST on November 4, 2008. Participants have until 12:30 p.m. EST on November 4, 2008, to inform their local Reserve Bank of any error.
