The Federal Reserve yesterday announced the results of its term auction facility, selling $25 billion of 84-day credits at a 2.670% stop-out rate.
The bid-to-cover ratio was 1.27. Bids at the stop-out rate were prorated at 86.68%.
Total propositions submitted were $31.638 billion, and the Fed accepted $25.000 billion. There were 38 bidders. The average bid was $833 million.