March 09, 2010
Federal Reserve announces results of auction of $25 billion in 28-day credit held on March 8, 2010
For release at 10:00 a.m. EST
On March 8, 2010, the Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:
| Stop-out rate: | 0.500 percent |
| Total propositions submitted: | $3.410 billion |
| Total propositions accepted: | $3.410 billion |
| Bid/cover ratio: | 0.14 |
| Number of bidders: | 53 |
The awarded loans will settle on March 11, 2010, and will mature on April 8, 2010. 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. EST on March 9, 2010. Participants have until 12:30 p.m. EST on March 9, 2010, to inform their local Reserve Bank of any error.