What is striking is both the jump in rates since the last auction and the low number of bidders. More than one months results are needed but the decline in bidders is definitely good news.
For release at 10:00 a.m. EDT
On September 8, 2008, the Federal Reserve conducted an auction of $25 billion in 84-day credit through its Term Auction Facility. Following are the results of the auction:
Stop-out rate: 2.670 percent
Total propositions submitted: $31.638 billion
Total propositions accepted: $25.000
Bid/cover ratio: 1.27
Number of bidders: 38
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