NEW YORK – The Federal Reserve today announced the results of its term auction facility, selling $39.566 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 0.53.
Bids at the stop-out rate were prorated at 100% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).
Total propositions submitted were $39.566 billion, and the Fed accepted $39.566 billion. There were 83 bidders. The average bid was $477 million.
The awarded loans will settle on Oct. 22, and will mature on Nov. 19.
