Getting your player ready...
WASHINGTON — The Federal Reserve loaned $30 billion in 28-day funds at a rate of 3.08 percent as part of a plan to increase the amount of cash in the banking system.
The rate was higher than the 3.01 percent received at the last auction on Feb. 12. Financial institutions submitted $68 billion in bids Monday, resulting in a bid-to-cover ratio of 2.27, compared with a 1.95 ratio at the prior auction, and the highest since the auction on Dec. 20. There were 72 bidders, compared with 66 banks and securities firms earlier, the central bank said in a statement Tuesday.
The Fed has now lent $160 billion in funds since mid-December in six auctions through the Term Auction Facility, known as TAF.
