On March 8, 2010, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction: Stop-out rate: 0.500 percent Total propositions submitted: $3.410 billion Total propositions accepted: $3.410 billion Bid/cover ratio: 0.14 Number of bidders: 53 The awarded loans will settle on March 11, 2010, and will mature on April 8, 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 March 9, 2010. Participants have until 12:30 p.m. EST on March 9, 2010, to inform their local Reserve Bank of any error.
