The Federal Reserve Board yesterday announced the results of its term-auction facility, selling $31.075 billion of 13-day credits at a 0.380% stop-out rate.
The bid-to-cover ratio was 0.21. Total propositions submitted were $31.075 billion, and the Fed accepted $31.075 billion. There were 16 bidders.
The awarded loans will settle on Dec. 23, and will mature on Jan. 5, 2009