The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.100% stop-out rate, the lowest rate at which the offering amount clears, which is the sole rate awarded to all the successful bids.

The bid-to-cover ratio was 1.13. Bids at the stop-out rate were prorated at 71.65%. Total propositions submitted were $84.438 billion, and the Fed accepted $75.000 billion. There were 75 bidders.

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