The Federal Reserve yesterday announced the results of its term auction facility, selling $75 billion of 28-day credits at a 2.340% 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 1.21. Bids at the stop-out rate were prorated at 97.49% 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 $90.881 billion, and the Fed accepted $75.000 billion. There were 77 bidders. The average bid was $1.180 billion.
