Fed awards $20B in credit at auction

Washington -- The U.S. Federal Reserve said Friday it awarded $20 billion in 35-day credit at an interest rate of 4.67 percent through its term auction facility.

Seventy-three bids seeking $57.664 billion were received Thursday, the Fed said in a news release. The bid-to-cover ratio, which indicates demand, was 2.88.

Bids at the stop-out rate were prorated at 73.40 percent and the awards were rounded to the nearest $10,000. Awards less than $10,000 were rounded up to $10,000.

The awarded loans will settle Dec. 27and will mature Jan. 31.

The Fed has been conducting auctions recently to help ease a credit markets being squeezed.

Copyright 2007 by United Press International.