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U.S. markets recover from steep losses
WASHINGTON, Feb. 22 (UPI) -- The U.S. Federal Reserve announced Friday it will have an auction next week for $30 billion in 28-day credit.
Bid submissions will be accepted from 10 a.m. EST to 1 p.m. EST Monday, the Fed announced. Notifications will be announced Tuesday, with settlements expected next Thursday.
Minimum bids were set at $5 million with bid increments set at $100,000. The maximum bid accepted will be $3 billion.
Incremental rates were set at 0.001 percent on top of a minimum bid rate of 2.81 percent.
Auction results will be posted on the website of the Board of Governors of the Federal Reserve System (www.federalreserve.gov/monetarypolicy/taf.htm) at approximately 10 a.m. EST Tuesday.
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