December 16, 2008

Federal Reserve announces results of auction of $150 billion in 28-day credit held on December 15, 2008

For release at 10:00 a.m. EST

On December 15, 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: 0.280 percent
Total propositions submitted: $63.014 billion
Total propositions accepted: $63.014 billion
Bid/cover ratio: 0.42
Number of bidders: 71


The awarded loans will settle on December 18, 2008, and will mature on January 15, 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. EST on December 16, 2008. Participants have until 12:30 p.m. EST on December 16, 2008, to inform their local Reserve Bank of any error.

Last Update: December 16, 2008