In regards, to the auction for Treasury securities, which of the below statements is FALSE?
A) Noncompetitive tenders may be submitted for up to a $1 million face amount and are based on quantity, not yield.
B) The auction results are determined by first deducting the total noncompetitive tenders and nonpublic purchases (such as purchases by the Federal Reserve itself) from the total securities being auctioned.
C) Bids are arranged from the lowest price to the highest price.
D) The highest yield accepted by the Treasury is referred to as the stop yield, and bidders at that yield are awarded a percentage of their total tender.
Correct Answer:
Verified
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