February 26, 2008
Federal Reserve announces results of auction of $30 billion in 28-day credit held on February 25, 2008
For release at 10:00 a.m. EST
On February 25, 2008, the Federal Reserve conducted an auction of $30 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:
| Stop-out rate: | 3.080 percent |
| Total propositions submitted: | $67.958 billion |
| Total propositions accepted: | $30.000 billion |
| Bid/cover ratio: | 2.27 |
| Number of bidders: | 72 |
Bids at the stop-out rate were prorated at 69.85% 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 February 28, 2008, and will mature on March 27, 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 noon EST on February 26, 2008. Participants have until 3:00 p.m. EST on February 26, 2008, to inform their local Reserve Bank of any error.