The Federal Reserve Board Friday announced three small-value auctions of term deposits over the next two months.

The Fed will offer $1 billion of 14-day term deposits in the first auction, on June 14. The second, on June 28, is to sell 28-day term deposits. The last auction, July 12, is to offer 84-day term deposits.

The first auction is to be settled on June 17, and the deposits offered will mature on July 1, the central bank said. The maximum award to any individual bidder will be $250 million, and the maximum rate at the auction will be set at the primary credit rate.

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