The Federal Reserve announced Friday it will auction $30 billion of 28-day term auction facility credits on Feb. 11 and again on Feb. 25.

The minimum bid rate, along with further details, will be announced at noon, Eastern Standard Time, the Friday before each auction. The results of each auction will be announced at 10 a.m., EST, on the Tuesday following each auction.

The Federal Reserve said it intends to conduct biweekly TAF auctions for as long as necessary to address elevated pressures in short-term funding markets.

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