Trust the Criminal Reserve and Criminary Dealers to take advantage of the cover provided by the Egyptian revolution to sneak a quick Flip That Bond in there. Today's POMO closed with $7.375 billion of bonds monetized out of $24 billion in submitted offers. The Submitted to Accepted ratio was 3.3x, but as usual the trickery lies just below the surface. As usual the just issued bond, the 2.625% of 2018, accounted for the bulk of the POMO. In fact, at $3.899 billion, the PT1 represented 52.9% of the entire POMO. With PDs having taken down $12.2 billion of the issue at auction, they have just reduced their holdings by 32%. But wait, there's more: on the February 3 POMO PDs put back $5.2 billion of the PT1 CUSIP. So between today and the last time the 7 Year bond (which was just auctioned off two weeks ago) was monetized, Primary Dealers have already given back 75% of the entire take down from the January 27 auction! So while Egypt has just turned a new page in its history, things in the US continue grinding just along the good old and very predictable "rape the middle class" status quo.