Today's POMO (for all those who forgot, stocks needed that little extra oomph today, thank you Brian Sack) has closed and despite $18.5 billion in submitted par amount of interest, the Fed monetized only $2.5 billion of 2013-2014 bonds, the bulk of which being the 1.75% of 4/15/2013. And don't look now, but the $85 million of PB0's monetized were part of the same issue that was auctioned off a whopping two short weeks ago! In other words: Treasury issues, PDs hold for two weeks, and then turn around and sell right back to the Fed. Monetization Q.E.D. More importantly, the submitted to accepted ratio was far higher than average, indicating the PDs were again positioned weakly for this POMO, and as a result we may see a sell off in risky assets, as we disclosed previously.