The Fed is now getting desperate: today, Brian Sack gobbled up nearly $4 billion in bonds maturing between 2014 and 2016, the highest single day tally in this latest iteration of QE, and resulting in the lowest Submitted/Accepted ratio of QE Lite of 4.3x, indicating that the FRBNY markets team was in a rush to push as much liquidity as it could to the PDs so they latter could go out and push the beta wave a couple of inches higher. As for the bonds, the bulk of the purchases was in the 2014-early 2015 range. We have yet to do the Cusip analysis, but we wouldn't be surprised if this contains a bunch of 5 Year bonds that were auction as recently as a month or so earlier, further validation that Geithner's promises a year ago that the Fed would never monetize bonds was nothing but lies. And even so, the market can barely stay green. Today will likely be an interesting day, testing the ever-declining half life of bank intervention, in both FX and bond markets (but, don't worry, central banks and especially the Fed, never, NEVER, get involved in stock manipulation).