Fed auctions $50bn in 28-day credit

The US Federal Reserve is offering $50bn in 28-day credit today through its Term Auction Facility.

Bids will be accepted until 1pm Eastern Daylight Time and will mature on May 8.

The minimum possible bid is $5m and the maximum is $5bn with amounts being available at $100,000 tranches.

This auction is one of many that has been offered by the Fed since December in an effort to inject liquidity into the markets and stave off further turmoil.

Similar actions have been taken by the Bank of England and the European Central Bank for the same reasons.