The Federal Reserve yesterday announced the results of its term auction facility, selling $30 billion of 28-day credits at a 3.123% 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 1.95. Bids at the stop-out rate were prorated at 20.73% 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 $58.4 billion, and the Fed accepted $30 billion. There were 66 bidders.
