The interesting thing here is that rates actually fell for the first time this year.
On May 19, 2008, the Federal Reserve conducted an auction of $75 billion in 28-day credit through its Term Auction Facility. Following are the results of the auction:
Stop-out rate: 2.100 percent
Total propositions submitted: $84.438 billion
Total propositions accepted: $75.000 billion
Bid/cover ratio: 1.13
Number of bidders: 75
The previous auction had a 2.2% rate.
