The Fed completed its last POMO monetization for the week, buying back $1.415 billion in bonds dated 2021 through 2040. Oddly enough, the submitted/accepted ratio was a mere 5.98, after hitting north of 10 for the last three POMO actions since the resumption of QE. Stocks now rolling over as the Fed's liquidity appears to have been digested. More importantly, Morgan Stanley continues to shine in its Fed frontrunning recommendations: the firm predicted 89% of the issues monetized by notional, correctly identifying $1.265 Bn worth of the $1.415 Bn in notional bought back. All who followed Igor Cashyn's advice to Buy the 8.0% of 11/15/2021 and sell the On The Run 10 Year (and seeing how at $1.135 Bn monetized, this was the issue most clearly "in play", quite a few did) should find the Morgan Stanley analyst and buy him a shot of vodka.