On Dec. 1, 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: 0.420 percent Total propositions submitted: $66.471 billion Total propositions accepted: $66.471 billion Bid/cover ratio: 0.44 Number of bidders: 80 The awarded loans will settle on December 4, 2008, and will mature on Feb. 26, 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 Dec. 2, 2008. Participants have until 12:30 p.m. EST on Dec. 2, 2008, to inform their local Reserve Bank of any error.
