The Federal Reserve yesterday announced the results of its term auction facility, selling $95.588 billion of 28-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.
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The bid-to-cover ratio was 0.64.
Bids at the stop-out rate were prorated at 100% 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 $95.588 billion, and the Fed accepted $95.588 billion. There were 103 bidders and the average bid was $928 million.
The awarded loans will settle on June 4, and will mature on July 2.
