March 10, 2009
Federal Reserve announces revised results of auction of $150 billion in 28-day credit held on March 9, 2009
For immediate release
(Note: This release supersedes the release of 10 a.m. EDT March 10, 2009. The figures in the previous release for total propositions submitted, total propositions accepted and the bid/cover ratio have been revised to correct a processing error.)
On March 9, 2009, 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: | 0.250 percent |
| Total propositions submitted: | $117.872 billion |
| Total propositions accepted: | $117.872 billion |
| Bid/cover ratio: | 0.79 |
| Number of bidders: | 116 |
The awarded loans will settle on March 12, 2009, and will mature on April 9, 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. EDT on March 10, 2009. Participants have until 12:30 p.m. EDT on March 10, 2009, to inform their local Reserve Bank of any error.