NEW YORK – The Federal Reserve today announced the results of its term auction facility, selling $3.41 billion of 28-day credits at a 0.500% 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 0.14.
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 $3.41 billion, and the Fed accepted $3.41 billion. There were 53 bidders.
The average bid was $64 million.
The awarded loans will settle on March 11, and will mature on April 8.
