On February 8, 2010, the Federal Reserve conducted an auction of $50 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: $15.426 billion Total propositions accepted: $15.426 billion Bid/cover ratio: 0.31 Number of bidders: 103 The awarded loans will settle on Feb. 11, 2010, and will mature on March 11, 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 February 9, 2010. Participants have until 12:30 p.m. EST on February 9, 2010, to inform their local Reserve Bank of any error.
