this is the lowest bid toi cover ration yet…good news.
On August 25, 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: 2.380 percent
Total propositions submitted: $84.168 billion
Total propositions accepted: $75.000
Bid/cover ratio: 1.12
Number of bidders: 66
Rate seem to be holding steady and the number of bidders, or at least the amount of funds requested is falling. I think we may be able to extrapolate less desperation of financials once the are “un-bided” for funds.
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