POMO Begins, Inclusion CUSIPs Announced
Today's POMO has started. As we disclosed previously the top 10 CUSIPs we expect to be monetized are highlighted below. We expect the bulk of the action to occur in the shaded cells as the PDs sell back to the Fed the bonds they bought initially, and will do so in the future, knowing precisely how much debt will be issued (and currency printed) going forward. With the initial stock rally fizzling, our assumption that POMO frontrunning is now completed the day before may be validated. Keep an eye on the Accepted to Submitted ratio at 11 am for further guidance on broad market color through close.