The Federal Reserve announced yesterday it will set a 0.25% minimum bid on its $150 billion 84-day term-auction facility credit. Thursday is the settlement date. The loan matures Aug. 13.

The Fed set a minimum bid amount of $5 million per bid, with a maximum of $15 billion per institution.

Meanwhile, the Treasury Department said it will sell $35 billion of four-week discount bills today. There are currently $57.003 billion of four-week, or 28-day, bills outstanding. The bills settle May 21 and are due June 18.

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