On May 28th, the Federal Reserve Board scheduled three small-value auctions of term deposits through its Term Deposit Facility over the next two months. All term deposit auctions will use a single-price format in which all winning bids will be awarded at the highest rate accepted at the auction. The first auction will offer $1 billion of 14-day term deposits; the auction will be conducted on June 14 with settlement on June 17, and the deposits offered will mature on July 1. Federal Reserve Board Press Release.