When the Treasury issued $29 billion in 7 Year bonds (CUSIP: 912828PY0) thirteen days ago, in an auction which we described as "unremarkable", the Primary Dealers took down $13.9 billion of the total issue, or 45.9% of the entire issue. Fast forward to today's POMO, which just concluded, and we learn that the Fed monetized $7.657 billion in bonds maturing between 09/30/2016 - 02/28/2018, or a 3.85 Submitted to Accepted ratio. As usual the internals are what matter. A quick scan shows that PDs could barely wait two weeks before they flipped more than half, or 53% of the full take down, right back to the monetizing hands of Brian Sack: 92.8% of the entire POMO consisted of just one issue - the just issued PY0 from last week. And so the shell game continues, especially since the interest paid on this $7.657 billion to the new holder, the Federal Reserve, will promptly be remitted back to the Treasury to be counted as revenue.