On Nov. 17, 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: 0.510 percent Total propositions submitted: $104.478 billion Total propositions accepted: $104.478 billion Bid/cover ratio: 0.70 Number of bidders: 80 The awarded loans will settle on Nov. 20, 2008, and will mature on Dec. 18, 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. EST on Nov. 18, 2008. Participants have until 12:30 p.m. EST on Nov. 18, 2008, to inform their local Reserve Bank of any error.
