The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.360% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids.
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The bid-to-cover ratio was 1.19. Bids at the stop-out rate were prorated at 97.69% and resulting awards were rounded to the nearest $10,000, while all awards below $10,000 are rounded up to $10,000.
Total propositions submitted were $89.377 billion, and the Fed accepted $75.000 billion. There were 76 bidders. The average bid was $1.176 billion.
The awarded loans will settle on June 19, and will mature on July 17.
