The Fed auctioned off the money, on Monday, as part of a coordinated move by central banks around the globe to thaw frozen credit markets. It will release the auction results at 10 am EST on Wednesday.
A key barometer of the success or failure of the auction will be how the benchmark three-month London Interbank Offered Rate, or Libor, reacts.
As a rising tide of US mortgage delinquencies sparked a global credit crisis this summer, interbank borrowing costs jumped to unusually high levels when compared with the Fed's target for overnight lending. As part of the joint action, the ECB also auctioned off $20 billion on Monday, while the Swiss National Bank pumped $4 billion into the markets. On Tuesday, the Bank of England offered 10 billion pounds ($20.1 billion), while the ECB delivered 348.6 euros ($500 billion).
