The Federal Reserve yesterday announced the results of its Term Auction Facility, selling $106.251 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 0.71. Total propositions submitted were $106.251 billion, and the Fed accepted $106.251 billion. There were 105 bidders. The average bid was $1.012 billion.