Today's first POMO has closed, with Brian Sack buying $7.790 billion of Treasury maturing between 6/30/2016 and 11/30/2017. Among the bonds purchased was $689 million of PK0, auctioned off less than a month ago, meaning the Primary Dealers continue to flip bonds from auction straight back to the Fed, making a few million in the process each and every time. And while not even POMO matters anymore, in a market entirely dominated by Delta, i.e., Goldman (even Joe Kernen earlier announced on live TV that "Goldman can do whatever it wants in the futures market."), trades, and where the cumulative TICK is now progressively negative, the only thing that may be of relevance is when will the Goldman vol traders decide they have had enough and start unwinding the trade on which they are massively profitable at this point. What certainly does matter, is that total US debt is now $999 billion, just $1.3 billion away from a trillion, a level which will be breached, as we expected last week, during today's second afternoon POMO in which the Fed will monetize another $1.5-$2.5 billion in TIPS.