The Federal Reserve yesterday announced the results of its term auction facility, selling $50 billion of 28-day credits at a 2.870% 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 1.77. Bids at the stop-out rate were prorated at 75.28%.
Total propositions submitted were $88.288 billion, and the Fed accepted $50.000 billion. There were 83 bidders.