On Jan. 12, 2009, 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: 0.250 percent Total propositions submitted: $107.747 billion Total propositions accepted: $107.747 billion Bid/cover ratio: 0.72 Number of bidders: 97 The awarded loans will settle on Jan. 15, 2009, and will mature on Feb. 12, 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 Jan. 13, 2009. Participants have until 12:30 p.m. EST on Jan. 13, 2009, to inform their local Reserve Bank of any error.
