US auction over subscribed by $41bn

Yesterday\'s US Federal Reserve short-term auction received over $91bn worth of bids by 76 institutions.

The central bank offered up $50bn to the market place as part of its ongoing effort to stave of further economic downturn by injecting liquidity into the market.

The awarded loans, settled on April 10, will mature May 8 and are subject to a rate of 2.82%.