The Federal Reserve yesterday announced the results of its term auction facility, selling $30 billion of 28-day credits at a 3.95% stop-out rate.
The bid-to-cover ratio was 1.85. Bids at the stop-out rate were prorated at 11.12%.
Total propositions submitted were $55.526 billion, and the Fed accepted $30.000 billion. There were 56 bidders.