The Federal Reserve announced yesterday it will set a 0.25% minimum bid on its $75 billion 28-day Term Auction Facility.
Results will be announced at 10 a.m. Eastern time on Tuesday, with Thursday as the settlement date. The loan matures Jan. 14, 2010.
The Fed set a minimum bid amount of $5 million per bid, with a maximum of $7.5 billion per institution.