The Federal Reserve yesterday announced the results of its final term auction facility, selling $3.41 billion of 28-day credits at a 0.500% 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 0.14.

Total propositions submitted were $3.41 billion, and the Fed accepted $3.41 billion. There were 53 bidders. The average bid was $64 million.

The awarded loans will settle on March 11 and will mature on April 8.

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