Brian Sack Is In The House: Today's POMO Begins
Today's POMO of bonds maturing between 2021 and 2040, pretty much everything that still has any yield, has begun. Brian Sack is about to hand out around $4 billion to the Primary Dealers, as the Fed is hell bent on taking over as the second largest holder of US Treasuries within two weeks - Japan held $821 billion as of July, the Fed hold just over $800 billion and is buying about $10 billion a week. Which means that in about a month the Federal Reserve Bank of the United States will be the single biggest holder of debt issued by the United States of America! If that means that Netflix, BIDU and AMZN will need a billion to one stock split within the same time frame, so be it. For full results - same time, same place.