October 21, 2008

Federal Reserve announces results of auction of $150 billion in 28-day credit held on October 20, 2008

For release at 10:00 a.m. EDT

On October 20, 2008, 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: 1.110 percent
Total propositions submitted: $113.271 billion
Total propositions accepted: $113.271 billion
Bid/cover ratio: 0.76
Number of bidders: 74

The awarded loans will settle on October 23, 2008, and will mature on November 20, 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 October 21, 2008. Participants have until 12:30 p.m. EDT on October 21, 2008, to inform their local Reserve Bank of any error.

Last Update: October 21, 2008