NEW YORK – The Federal Reserve today announced the results of its term auction facility, selling $38.531 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 0.51.
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 $38.531 billion, and the Fed accepted $38.531 billion. There were 121 bidders.
The average bid was $318 million.
The awarded loans will settle on Jan. 14, and will mature on Feb. 11.
