The Federal Reserve yesterday announced the results of its term-auction facility, selling $55.570 billion of 84-day credits at a 0.250% stop-out rate. The bid-to-cover ratio was 0.37.
Total propositions submitted were $55.570 billion, and the Fed accepted $55.570 billion. There were 96 bidders. The average bid was $579 million.
The awarded loans will settle on May 21 and will mature on Aug. 13.