The Federal Reserve yesterday announced the results of its term-auction facility, selling $55.570 billion of 84-day credits at a 0.250% stop-out rate. The bid-to-cover ratio was 0.37.
Total propositions submitted were $55.570 billion, and the Fed accepted $55.570 billion. There were 96 bidders. The average bid was $579 million.
The awarded loans will settle on May 21 and will mature on Aug. 13.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
