Fed Offering $1 bln In 14-Day Term Deposits

The Fed on Monday will offer $1 billion in 14-day term deposits through a new facility the central bank hopes will help drain excess reserves from the financial system. Under the Fed’s Term Deposit Facility, participating institutions can submit up to three competitive bids. The minimum bid amount per bid is $10,000, and the minimum award is $10,000. – DJ

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