NEW YORK – The Federal Reserve today announced the results of its term auction facility, selling $16.730 billion of 42-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 0.67.
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 $16.730 billion, and the Fed accepted $16.730 billion. There were 49 bidders. The average bid was $341 million.
The awarded loans will settle on Dec. 3, and will mature on Jan. 14, 2010.
