The Federal Reserve yesterday announced the results of its term auction facility, selling $50 billion of 28-day credits at a 2.615% 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 1.78. Bids at the stop-out rate were prorated at 98087%.

Total propositions submitted were $88.869 billion, and the Fed accepted $50.000 billion. There were 88 bidders.

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