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.