The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 3.750% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids.
The bid-to-cover ratio was 1.78. Bids at the stop-out rate were prorated at 58.10% and resulting awards were rounded to the nearest $10,000 — except that all awards below $10,000 are rounded up to $10,000.
Total propositions submitted were $133.562 billion, and the Fed accepted $75.000 billion. There were 85 bidders.
The awarded loans will settle on Sept. 25 and will mature on Oct. 23.
