Financial institutions borrowed $25 billion for 70-days from the Federal Reserve this week as groups continue to advantage of a program to ease credit worries by injecting money into the economy.
The Fed said on Tuesday that 75 bidders sought on Monday the short term loans through the so-called Term Auction Facility program. A total of $24.83 billion was loaned. The Fed does not reveal the names of auction winners.
The bid-to-cover ratio, which measures demand in an auction, was 0.5.
The stop out rate, which represents the lowest accepted fee rate for which accepted propositions are awarded, was 0.250 percent.
Under the program, the minimum bid is $5 million, with additional bid increments of $100,000.