The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.220% 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 1.29. Bids at the stop-out rate were prorated at 92.52% and resulting awards were rounded to the nearest $10,000.
Total propositions submitted were $96.618 billion, and the Fed accepted $75.000 billion. There were 71 bidders.
The awarded loans will settle on May 8 and will mature on June 5.