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Fed Now Pre-Monetizing: Bernanke Buys $300 Million Of Treasury To Be Auctioned Off Tomorrow

Tyler Durden's picture


There was a time when the Fed would repurchase freshly issued bonds a month, a week, or even a day after they were auctioned off by the Treasury (to avoid that whole perjury-inducing "no monetization" stigma). That's no longer the case. Moments ago the Fed concluded its most recent POMO as part of the now unsterilized QE4EVA, focusing on 2036-2042 maturities, i.e., the long-end. A quick look at the issues bought shows that the one CUSIP most put back by dealers to the Fed was the 912810QY7 30 Year. Curiously this is precisely the same CUSIP that, despite the debt ceiling being breached and all, will be auctioned off... tomorrow. Granted, it is a reopening (29 year, 10 month issue), but in a world in which nothing financial makes sense, and idiots come up with debt ceiling avoidance "schemes" that could have rolled right off a Lewis Black rant, we prefer to think of its as pre-monetization, much the same as pre-crime. That said, our hopes that Spielberg will consider putting the script of Monetization Report into a movie, with Paul Giamatti reprising the role of the man who prints the world, will likely not come true.

Note the highlighted Cusip just monetized by the Fed...

... And the link to tomorrow's 912810QY7 auction.

Finally, since the Fed is no longer in the sterilized monetization business, but has reverted to the bazooka approach, it means POMO days are once again critical as then the Primary Dealers will end up with substantial cash dry powder, to be used to ramp stocks and for other general excess reserve permitting purposes.

Which is why here is the full calendar of January POMO dates: it may not be a good idea to be short stocks on any of the days listed below.


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Wed, 01/09/2013 - 12:25 | 3136699 achmachat
achmachat's picture

ah! this explains the sell-off of precious metals.

of course.


Wed, 01/09/2013 - 12:31 | 3136724 Danks18
Danks18's picture

I guess no shorting on any day in January then?

Wed, 01/09/2013 - 12:43 | 3136782 MillionDollarBoner_
MillionDollarBoner_'s picture

Jan 21st and 30th look good to me :O)

Wed, 01/09/2013 - 12:56 | 3136827 NotApplicable
NotApplicable's picture

Anyone else notice that the three day silver chart shows that the last two days are practically a mirror image of each other? (gold roughly does too, but not as dramatic as silver)


Wed, 01/09/2013 - 13:12 | 3136890 NotApplicable
NotApplicable's picture

So... did Benron just invent a new method of "float?"

Wed, 01/09/2013 - 13:15 | 3136898 The Juggernaut
The Juggernaut's picture

When the Fed Res. undwinds these T-holdings... who the fuck is the buyer?!?!  End Game.

Wed, 01/09/2013 - 13:26 | 3136944 ToNYC
ToNYC's picture

They always call the Black Swan, the 800 lb gorilla in the room that is taken for 'granted', the new End Game. Avoiding Reality makes US free of a natural solution, on Earth, where the fake one always fails.

Wed, 01/09/2013 - 13:31 | 3136971 whotookmyalias
whotookmyalias's picture

F*** him! Turn those machines back on! Turn those machines back on!

Wed, 01/09/2013 - 13:44 | 3137026 fuu
fuu's picture

Only 37.75-46.00 Billion over the next 3 weeks?

C'mon Ben we are never going to get prosperous at that rate you lazy fuck.

Wed, 01/09/2013 - 15:43 | 3137702 Panafrican Funk...
Panafrican Funktron Robot's picture

Why would they unwind the T-holdings?  It's a red herring dude.  There is no unwind.  Ever.


Wed, 01/09/2013 - 13:18 | 3136908 Manthong
Manthong's picture

NOW pre-monetizing ? 

WTF have the trillions of  fake cap and term-jerking until now been:?

Wed, 01/09/2013 - 13:46 | 3137032 NotApplicable
NotApplicable's picture

Why that would fall under the category of traditional monetizing.

And you know how the Bernank likes his traditions!

Wed, 01/09/2013 - 13:10 | 3136884 Danks18
Danks18's picture

MLK on the 21st, but you are right about the 30th.  That's the day.  Dump on.

Wed, 01/09/2013 - 13:08 | 3136878 Snakeeyes
Snakeeyes's picture

They just can't wait. The robber barons at their finest!!!!

Wed, 01/09/2013 - 12:40 | 3136767 disabledvet
disabledvet's picture

Actually it's a highly sophisticated Insider Trading enterprise. "Before even the instrument is available they can trade in it." Who knew? I'm sure the SEC will be all over this soon...

Wed, 01/09/2013 - 16:16 | 3137882 Panafrican Funk...
Panafrican Funktron Robot's picture

Funny that they only present the par values.  Looks like there's a theoretical potential markup (based on topline 1.75 bln vs. 1.54 par accepted) of 13.6% built-in.  

Wed, 01/09/2013 - 12:41 | 3136774 AccreditedEYE
AccreditedEYE's picture

Buying opportunity.

Wed, 01/09/2013 - 12:45 | 3136796 Mrmojorisin515
Mrmojorisin515's picture

Don't know if you have read any FOFOA, but the thoughts of another way back in 1999 make the most sense with regards to them.  I haven't heard any other explanations for precious metals that make more sense.  Worth a read, they suggest not paying attention to the paper price

Wed, 01/09/2013 - 12:28 | 3136707 SheepDog-One
SheepDog-One's picture

'Concentrating on 2042'


Wed, 01/09/2013 - 12:27 | 3136708 Lost Wages
Lost Wages's picture

Ben is so excited about the auction tomorrow a little pre-cum came out.

Wed, 01/09/2013 - 12:47 | 3136804 ZippyBananaPants
ZippyBananaPants's picture

When I started reading Zero Hedge several years ago I was unaware of all this shit, I was doing a search about what the fuck a POMO was, any why the market always skyrocketed when the fed did one.  Since that day, I read the Hedge every day.  What I am having trouble with now is when in the fuck or who in the fuck is going to stand up and stop all this blatant horseshit!  I am trying to manage money for clients by looking at the overall picture of what is going on in the world, and this crap goes on every day and unless you dig (thank you Zero Hedge), the world is oblivious to it all, aka; what is Kim (the fat ass one) Kardishian doing? Or better yet the little kid on the commercial who can "wave my hand, and shake my head" at the same time (I kind of like that one).  


I guess I will keep reading real news, and spreading the word!

Wed, 01/09/2013 - 12:59 | 3136836 NotApplicable
NotApplicable's picture

As far as client management goes, Ann Barnhardt set a fine example.

Anybody keeping their wealth within this system only further feeds the beast.

Wed, 01/09/2013 - 13:00 | 3136841 inkarri9
inkarri9's picture

The trend is your friend until it's not.  It's not just the Fed but just about every CB that can print/ease/stimulate is doing it.  The majority Americans are too dumb, ignorant, don't care or are playing the game and don't want to do anything about what is really going on.  I think about the fact that QE4 and QE4s going on now is not that much different than QE1 yet the economy is doing better now than it was in 2009?  I don't buy that.  If that were true, there would be no reason for the Fed or other CBs to be this "easy". 

Wed, 01/09/2013 - 13:06 | 3136872 philosophers bone
philosophers bone's picture

We need to consider whether there could be some sort of "fraud on the market" claim at some point.  I have no doubt that when the "end game" happens, the Fed will mislead the public in its public statements and/or manipulate the markets to push sheep in one direction and then profit by going the other way (as they do now on a smaller scale). Civil remedies will be difficult in terms of proving reliance / damages, etc., but at a minimum profits should be disgorged, they should pay monetary penalties and the individuals involved should lose their freedom.

Wed, 01/09/2013 - 13:32 | 3136974 Silver Garbage Man
Silver Garbage Man's picture

Do your clients a big favor and get silver in their pockets ASAP.

Wed, 01/09/2013 - 13:56 | 3137071 Yikes
Yikes's picture

Don't fight the Fed.  Really. 

Wed, 01/09/2013 - 16:25 | 3137941 Panafrican Funk...
Panafrican Funktron Robot's picture

Weekly ATM or near ATM covered calls in SPY, TLT, and GLD.  Very hard to fuck that up.  

Wed, 01/09/2013 - 12:48 | 3136808 buzzsaw99
buzzsaw99's picture

premature e-jack-lew-ation

Wed, 01/09/2013 - 12:28 | 3136710 Chuck Norris
Chuck Norris's picture

What's a reopening?

Wed, 01/09/2013 - 12:30 | 3136721 Cognitive Dissonance
Cognitive Dissonance's picture

It's when you have to reopen the septic tank and pump out the fetid fiat once again.

Wed, 01/09/2013 - 12:30 | 3136714 Dr. Engali
Dr. Engali's picture

Hey we have preemptive war, and soon to be pre-crime why not preemptive bond buying? We have to hit them before they hit us.

Wed, 01/09/2013 - 13:00 | 3136847 NotApplicable
NotApplicable's picture

You need some money tomorrow? Here, have it today for nothing! There's plenty to go around, after all.

Wed, 01/09/2013 - 12:29 | 3136716 Cognitive Dissonance
Cognitive Dissonance's picture

The Fed's just getting in ahead of the stampede to "quality". :)

Wed, 01/09/2013 - 12:31 | 3136725 Super Broccoli
Super Broccoli's picture

imagine if Ben wasn't there an those bonds would have to go thru a real auction :-)

Wed, 01/09/2013 - 13:02 | 3136855 Winston Churchill
Winston Churchill's picture

Two words.


Wed, 01/09/2013 - 12:31 | 3136727 youngman
youngman's picture

Market that....what did the market say..there is no market anymore...and they will use the term a successful auction too...They have to keep those interest rates down so the big hedge funds can buy up all the housing supply....yeah thats it.....its just amazing what is going on in front of the curtain now.....and gold and silver down.....????????

Wed, 01/09/2013 - 12:57 | 3136829 Kaiser Sousa
Kaiser Sousa's picture

stay the Silver path bro...stay the path....

Wed, 01/09/2013 - 12:32 | 3136730 Dr. Engali
Dr. Engali's picture

The fed is front running itself. Hoping to make a little on the spread.

Wed, 01/09/2013 - 12:34 | 3136744 Cognitive Dissonance
Cognitive Dissonance's picture

Ok, now bend over and spread those cheeks just a little more.

<I ain't gonna kid ya Doc. This is really gonna hurt. Here, bite down on this.>

Wed, 01/09/2013 - 12:55 | 3136822 Dr. Engali
Dr. Engali's picture

The way the American public continues to be screwed that position has become an automatic reflex.

Wed, 01/09/2013 - 12:32 | 3136732 Everybodys All ...
Everybodys All American's picture

This will never last more than another 12 months. No doubt the wheels will come flying off at some point this year. Monetizing our debt on a World Reserve currency is going to piss off the wrong entity eventually.

Wed, 01/09/2013 - 12:37 | 3136758 Mad Mohel
Mad Mohel's picture

You are underestimating the Power of the Schwartz. Multiply your time estimate by 5-10 and you may closer to the mark. The Japs have been doing the same shit for the last 20 years, and the same shenanigans are still going.

Wed, 01/09/2013 - 12:39 | 3136766 buzzsaw99
buzzsaw99's picture

the schwartz is on my foot

Wed, 01/09/2013 - 12:42 | 3136779 Everybodys All ...
Everybodys All American's picture

The yen is not the world's reserve currency and therefore they do not export their inflation like we are doing. Over a trillion a year in printing is a heck of a lot of lies that end up in inflation.

Wed, 01/09/2013 - 16:30 | 3137980 Panafrican Funk...
Panafrican Funktron Robot's picture

You have to be willing to go to war against the U.S. and NATO if you want to challenge dollar hedgenomy.  

Wed, 01/09/2013 - 13:11 | 3136889 Winston Churchill
Winston Churchill's picture

The yen isn't the reserve currency.What they have done makes no difference.

When the rest rest of the world  starts starving  because of the inflation Zimbabwe Ben

exports to them on every print ,this is going to stop with massive bloodshed.

The Arab Spring had little to do with democracy,more the price of food.

Magnify that by 10 with the Russians ,and Chinese coming in as saviors.

There are quite a few country's with nukes, no US monopoly there.

Wed, 01/09/2013 - 12:44 | 3136786 disabledvet
disabledvet's picture

Hopefully the plane won't be airborne when it happens. I imagine "the Great Battle of Which Country Club is Better" is right around the corner.

Wed, 01/09/2013 - 12:33 | 3136737 Mine Is Bigger
Mine Is Bigger's picture

Next Up!

Pre-tax here we come!

Wed, 01/09/2013 - 12:46 | 3136801 disabledvet
disabledvet's picture

Already have that. They're called "estimated taxes" I believe.

Wed, 01/09/2013 - 16:31 | 3137989 Panafrican Funk...
Panafrican Funktron Robot's picture

Holy mother fuck do I hate estimated taxes.  

Wed, 01/09/2013 - 12:33 | 3136738 magpie
magpie's picture

what CUSIP does the (first) trillion dollar coin receive

Wed, 01/09/2013 - 13:52 | 3137055 fuu
fuu's picture


Wed, 01/09/2013 - 12:33 | 3136741 Gypsyducks
Gypsyducks's picture

Fuck you Bernanke!

Wed, 01/09/2013 - 12:33 | 3136742 busted by the b...
busted by the bailout's picture

In an era when $Trillion coins are seriously discussed as an option, direct monetization is obviously no longer anything to hide.  Instead, it may soon become the norm. 

Who will prevent it?

Wed, 01/09/2013 - 14:39 | 3137280 Relentless
Relentless's picture

By the time that they get around to minting a $Trillion coin, it will only need to weigh an ounce.

Wed, 01/09/2013 - 12:33 | 3136743 AndrewJackson
AndrewJackson's picture

I am just waiting for the ultimate cumshot with the trillion dollar coin.

Wed, 01/09/2013 - 12:48 | 3136800 MillionDollarBoner_
MillionDollarBoner_'s picture

That would be the ultimate "moneyshot" 

Ron your heart out !;o)

Wed, 01/09/2013 - 12:35 | 3136745 Mercury
Mercury's picture

Granted, it is a reopening (29 year, 10 month issue), but in a world in which nothing financial makes sense, and idiots come up with debt ceiling avoidance "schemes" that could have rolled right off a Lewis Black rant, we prefer to think of its as pre-monetization,...

What's next? - monetization of yet-to-be securities on a when-issued basis?

Wed, 01/09/2013 - 12:44 | 3136787 Joe Davola
Joe Davola's picture

So you're saying there's a morning before pill?

Wed, 01/09/2013 - 12:36 | 3136747 AccreditedEYE
AccreditedEYE's picture

it may not be a good idea to be short stocks on any of the days listed below.

it may not be a good idea to be short stocks on ANY DAY OF 2013. There ya go... fixed. BTFD or get crushed.

Wed, 01/09/2013 - 12:54 | 3136820 mirac
mirac's picture

I will try-for the challenge of it...and now to find some windmills

Wed, 01/09/2013 - 12:55 | 3136824 disabledvet
disabledvet's picture

"just don't short." BTFD works about the same as that. If the Fed can "fix" the rate at which we all borrow no asset is safe from being "inflated away." and since gold cannot be "inflated" (it has no cash flow) that makes the dull metal as perfect for a shiner. (pun intended.) "keeping up with the Jones" is Plan Bernanke...and so far it is working beyond anyone's (certainly mine) wildest dreams. Long "emotional rescues."

Wed, 01/09/2013 - 12:37 | 3136757 TrustWho
TrustWho's picture

...Japan is going to finally be a great Bernanke student. The student may outshine the teacher. This works until it doesn't! The downside is blood in the streets. Does Bernanke care?


Stupid me, Bernanke is saving the earth and any failure is the government's fault.

Wed, 01/09/2013 - 12:41 | 3136778 yogibear
yogibear's picture

When the SHTF and Bernanke looks like the Dufuss do we get to reduce the Princeton PhD's in economics to below  the level of the University of Phoenix? 

Wed, 01/09/2013 - 13:07 | 3136873 TrustWho
TrustWho's picture

...I am closer to the khmer rouge solution for all who have attended any ivy league or ivy league wanna-be school.

Wed, 01/09/2013 - 12:38 | 3136759 yogibear
yogibear's picture

Benny Bernanke and the Fed MUST print/Monetize. There is no way out for the fed.

In the mean time China has been quietly planning to swipe the reserve currency leadership from the US.

Dumpathon of US dollars coming.


Wed, 01/09/2013 - 12:38 | 3136760 AccreditedEYE
AccreditedEYE's picture

Hey Bob Pissani... lift yer skirt, grab yer balls and let's make some money! Highs will go higher. Buy 'em up!

Wed, 01/09/2013 - 12:38 | 3136761 SheepDog-One
SheepDog-One's picture

A little listening enjoyment break, more rap songs about Neandersheeple. 

Payday Monsanto - While You Were Grazing in the Field - YouTube

Wed, 01/09/2013 - 12:38 | 3136762 unwashedmass
unwashedmass's picture


they need the money to continue the gold/silver manipulation. those unruly peasants just won't sell now and let JPM out of its shorts at a profit....

they simply don't know their place....or who their assets really belong to.......

Wed, 01/09/2013 - 12:41 | 3136773 Kaiser Sousa
Kaiser Sousa's picture

and the phony paper price of Silver is dancing around $30 and attacked relentlessy at the same times everyday as has been the case over the last 2 fucking years...

it really is funny but then again it aint cause i know they r attempting to  destroy the savings and wealth of me, my family, and my collective....but no matter how hard they try i will continue to accumulate REAL MONEY with every debt coupon dollar i get my hands on...i aint gonna pay no fucking taxes and  will take no OFFICIAL form of employment just so they can steal from me overtly and surreptitiously via their counterfeiting in order to further enrich their sociopath banker brethren....



Wed, 01/09/2013 - 12:41 | 3136777 news printer
news printer's picture
More than 50 injured after Seastreak ferry crashes into Pier 11

"The Seastreak ferry crashed a little after 8:45 a.m. near Wall Street, bringing a rescuers from the Coast Guard, NYPD and FDNY, authorities said."

Wed, 01/09/2013 - 12:45 | 3136791 Henry Chinaski
Henry Chinaski's picture

When I close my eyes, you can't see my debt.

Wed, 01/09/2013 - 12:45 | 3136797 EmmittFitzhume
EmmittFitzhume's picture

Burn the Fed to the ground.  But they will just start another one.

Wed, 01/09/2013 - 12:52 | 3136817 H E D G E H O G
H E D G E H O G's picture

Fuck it! I just got my new fresh monster box of Trillion Dollar "Platinum" coins from my buddy in China and they're ready for Ebay if anyone's interested? Sealed and Certified by CCP.

Wed, 01/09/2013 - 12:58 | 3136832 Danielvr
Danielvr's picture

Well, I guess that means that the USD has officially become a fiat currency, where it used to be a fiduciary currency..

Wed, 01/09/2013 - 13:01 | 3136849 Gamma735
Gamma735's picture

We are truly near the end of a Super Debt Cycle. Unfortunately, the end super debt cycles are usually resolved by war.

Wed, 01/09/2013 - 13:09 | 3136877 the grateful un...
the grateful unemployed's picture

the policy of preemptive war started with the emperor Bush. preempitve nuclear war will soon follow, an oddity only because it was first realized in its complete form in the financial markets, (hence the term bazooka was meant as a jocular understatement, the nuclear option was discussed as a possibility after it had become reality, and was used on the battle field only secondarily (all war is cultural, there is no battle field. the enemy is anyone who opposes the rule of corporate consumerism; those who hate the western education system, which inculcates our your young to accept the economic premise before they know how to read or write, and the various causes which the education system defends (rights of the oppressed to become the oppressors). the obama administation has hinted that no US troops may remain in afghanistan after the pullout date (which is a shifting line in the sand) but you can be certain that drone warfare and QE will remain. the administration has a vested interest in seeing that HFT remains, (since it provides a bid under the market. think about it, could you be against the HFT if you knew it was keeping the market (empire) from collapsing?) there will be peace in the ME when Walmart builds a store in Tehran, and the young Iranian children sigh up for online courses where they learn to vote for the american POTUS by sending him their campaign dollars (no longer recognized by SCOTUS as a contribution, and need not be reported).


Wed, 01/09/2013 - 13:10 | 3136885 MFLTucson
MFLTucson's picture

Oh my, I thought they were going to stop buying bonds and instead they bout 1/3 of a Trillion dollars in bonds in one fell swoop!  Conned again by the banking crime syndication.

Wed, 01/09/2013 - 13:10 | 3136886 ItchyBeard
ItchyBeard's picture

It's like those fanbois pre-ordering their iGadgets

Wed, 01/09/2013 - 13:19 | 3136912 Inthemix96
Inthemix96's picture

I bet if we all put our hands up and admitted we have done something cuntish in the past we would put our hands up and say fair play, been caught, wont do it again.

Now take a first rate cunt like the bernank.  This poisened dwarf comes on the fucking Tele and admits he is a cunt, and still does cuntish tricks, and will do them every month till the pips squeak, and gets no heat for doing so???

This cuntish arsehole is going to hell, and Satan is going to stick various feindish looking implements up his arse, of various sizes and shapes for all eternity.  Now lets hear a golf-clap for the dark lord, 'cos bens in for a right fucking millenia of torture.


Wed, 01/09/2013 - 13:20 | 3136920 Downtoolong
Downtoolong's picture

Fed trying to front run the front-runners.

Go Kevin, Go!


Wed, 01/09/2013 - 13:36 | 3136988 Miramanee
Miramanee's picture

Cusip??? What does the little love dude with the bow and arrows have to do with the destruction of civilization???

Wed, 01/09/2013 - 14:58 | 3137403 yogibear
yogibear's picture

Watch Bubble Bernanke and his fellow banksters make the debt disappear.


Make money from nothing and make the debt disappear. Magic!

Wed, 01/09/2013 - 13:37 | 3136997 q99x2
q99x2's picture

They threw perjury along with fraud out the Holder window a long time ago.

Wed, 01/09/2013 - 13:38 | 3137002 tradewithdave
tradewithdave's picture

Prepayment is how you stoke the ZIRP and NIRP fires with negative velocity.


Wed, 01/09/2013 - 13:49 | 3137003 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Isn't what the FED is doing technically illegal? I am not up on the finer points here so any corrections will be welcomed. My understanding as I see it anyways is the FED has to buy the bonds through a middle man aka a primary dealer according to the law and what they are doing here is buying the bonds directly from the Treasury and in turn creating the cash against them to be deposited directly to the Treasury. So basically in a nutshell by doing this the Treasury in collusion with the FED has in essence dropped the on the books dollar value of the bond auction to buy more headroom against slamming into the "debt ceiling"?

Wed, 01/09/2013 - 14:32 | 3137241 FreeNewEnergy
FreeNewEnergy's picture

BINGO! WINNER! Give that man a cee-gar!

BTW: We're fucking doomed.

Wed, 01/09/2013 - 15:11 | 3137430 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

To flesh this line of thought out some more. Assuming this is all on the up and up by buying all this long term debt isn't the FED in essence manipulating the aggregate interest rate for interest payments to keep it under the percentage of spending required to service interest on debt in the current Federal Gov't budget. My understanding is when the FED monetizes debt in this manner they rebate the interest payment on debt back to the Treasury so in essence there is 0% interest on the books for long term T-Bills thus dropping the amount of interest related to those on the books and as follows the overall aggregate rate. Keep in mind I don't work in finance and am just trying understand the mechanics behind all this.

Wed, 01/09/2013 - 16:39 | 3138038 Panafrican Funk...
Panafrican Funktron Robot's picture

"what they are doing here is buying the bonds directly from the Treasury"

Nope, they're still going through the PD's here, which is actually worse, because they're doing everything else you described, while additionally giving the PD's a free cut, risk free.  

Wed, 01/09/2013 - 14:00 | 3137087 Vince Clortho
Vince Clortho's picture

I think I finally understand.  The Fed is pre-emptively buying all these bonds so that they don't fall into the hands of terrorists.

Wed, 01/09/2013 - 14:56 | 3137385 yogibear
yogibear's picture

Take the debt and stuff it somewhere Benny. Make it so all of it doesn't show up on the Fed's balance sheet.

Can't have the Fed's balance sheet expand too much because it would alarm investors worldwide about the fiscal integrity of the United States.



Thu, 01/10/2013 - 06:56 | 3140088 EZYJET PILOT
EZYJET PILOT's picture

When these PD's front run the Fed by buying up T bills, are they earning much of a profit during the transaction? I realise they borrow from the Fed for free then splash out on treasuries but where does this money come from? Is it part of the 2 trillion they have in excess reserves or is it fresh money given to them by the Fed?

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