The Federal Reserve yesterday announced the results of its term-auction facility, selling $116.872 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 0.78.

Total propositions submitted were $116.872 billion, and the Fed accepted $116.872 billion. There were 116 bidders. The average bid was $1.008 billion.

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