On Nov. 2, 2009, the Federal Reserve conducted an auction of $25 billion in 70-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 0.250 percent Total propositions submitted: $13.152 billion Total propositions accepted: $13.152 billion Bid/cover ratio: 0.53 Number of bidders: 53 The awarded loans will settle on November 5, 2009, and will mature on Jan. 14, 2010. 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 Nov. 3, 2009. Participants have until 12:30 p.m. EST on Nov. 3, 2009, to inform their local Reserve Bank of any error.
