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Press Release

Federal Reserve Press Release

Release Date: April 7, 2009

For release at 10:00 a.m. EDT

On April 6, 2009, the Federal Reserve conducted an auction of $150 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 0.250 percent
Total propositions submitted: $106.251 billion
Total propositions accepted: $106.251 billion
Bid/cover ratio: 0.71
Number of bidders: 105

The awarded loans will settle on April 9, 2009, and will mature on May 7, 2009. The stop-out rate shown above will apply to all awarded loans.

Institutions that submitted winning bids will be contacted by their respective Reserve Banks by 11:30 a.m. EDT on April 7, 2009. Participants have until 12:30 p.m. EDT on April 7, 2009, to inform their local Reserve Bank of any error.

Last update: April 7, 2009