The Federal Reserve yesterday announced the results of its term auction facility, selling $46.035 billion of 28-day credits at a 0.250% 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 0.61.
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 $46.035 billion, and the Fed accepted $46.035 billion. There were 102 bidders.
The awarded loans will settle on Dec. 17 and will mature on Jan. 14, 2010.
