The Federal Reserve announced yesterday it will set a 2.04% minimum bid on its $25 billion 84-day term auction facility credit, which sold yesterday.

Results will be announced at 10 a.m., Eastern Daylight Time, today, with Thursday as the settlement date. The loan matures Nov. 6.

The Fed set a minimum bid amount of $5 million per bid, with a maximum of $2.5 billion per institution.

This was the first auction of the longer-term TAFs, which the Fed created at the end of July.

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