The Federal Reserve yesterday announced the results of its term-auction facility, selling $24.830 billion of 70-day credits at a 0.250% 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 0.50. Total propositions submitted were $24.830 billion. The 75 bidders placed an average bid of $331 million.

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