On May 18, 2009, 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: 0.250 percent Total propositions submitted: $55.570 billion Total propositions accepted: $55.570 billion Bid/cover ratio: 0.37 Number of bidders: 96 The awarded loans will settle on May 21, 2009, and will mature on Aug. 13, 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 May 19, 2009. Participants have until 12:30 p.m. EDT on May 19, 2009, to inform their local Reserve Bank of any error.
