Can someone explain what this means? I saw this posted at nenos.
Press Release
Release Date: September 22, 2009
For release at 10:00 a.m. EDT
On September 21, 2009, 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: 0.250 percent
Total propositions submitted: $55.763 billion
Total propositions accepted: $55.763 billion
Bid/cover ratio: 0.74
Number of bidders: 83
The awarded loans will settle on September 24, 2009, and will mature on October 22, 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 September 22, 2009. Participants have until 12:30 p.m. EDT on September 22, 2009, to inform their local Reserve Bank of any error.
http://www.federalreserve.gov/newsevents/press/monetary/20090922a.htm
Press Release
Release Date: September 22, 2009
For release at 10:00 a.m. EDT
On September 21, 2009, 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: 0.250 percent
Total propositions submitted: $55.763 billion
Total propositions accepted: $55.763 billion
Bid/cover ratio: 0.74
Number of bidders: 83
The awarded loans will settle on September 24, 2009, and will mature on October 22, 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 September 22, 2009. Participants have until 12:30 p.m. EDT on September 22, 2009, to inform their local Reserve Bank of any error.
http://www.federalreserve.gov/newsevents/press/monetary/20090922a.htm