(Note: This release supersedes the release of 10 a.m. EDT March 10, 2009. The figures in the previous release for total propositions submitted, total propositions accepted and the bid/cover ratio have been revised to correct a processing error.) On March 9, 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: $117.872 billion Total propositions accepted: $117.872 billion Bid/cover ratio: 0.79 Number of bidders: 116 The awarded loans will settle on March 12, 2009, and will mature on April 9, 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. EDT on March 10, 2009. Participants have until 12:30 p.m. EDT on March 10, 2009, to inform their local Reserve Bank of any error.
