On Dec. 15, 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: 0.280 percent Total propositions submitted: $63.014 billion Total propositions accepted: $63.014 billion Bid/cover ratio: 0.42 Number of bidders: 71 The awarded loans will settle on Dec. 18, 2008, and will mature on Jan. 15, 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. 16, 2008. Participants have until 12:30 p.m. EST on Dec. 16, 2008, to inform their local Reserve Bank of any error.
