skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip to content

Press Release

Federal Reserve Press Release

Release Date: September 9, 2008

For release at 10:00 a.m. EDT

On September 8, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction:

Stop-out rate: 2.670 percent
Total propositions submitted: $31.638 billion
Total propositions accepted: $25.000
Bid/cover ratio: 1.27
Number of bidders: 38

Bids at the stop-out rate were prorated at 86.68% and resulting awards were rounded to the nearest $10,000 (except that all awards below $10,000 are rounded up to $10,000).

The awarded loans will settle on September 11, 2008, and will mature on December 4, 2008. 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 September 9, 2008. Participants have until noon EDT on September 9, 2008, to inform their local Reserve Bank of any error.

Last update: September 9, 2008