The Fed's POMO is now over and the equity ramp may stall, even though the Fed provided a whopping $3.4 billion in extra liquidity to buy various 6-10 year USTs. The issue most in demand by the Fed was the 3.75% of 11/15/2018 which saw $1.075 billion in buybacks by Brian Sack. Altogether, the Fed saw $17.2 billion in bid submitted for today's POMO, leading to the lowest submitted/accepted ratio since QE Lite began a month ago. And with this action the monetizations for the first part of the QE schedule are over. Today the Fed will release the second tentative POMO schedule, which we anticipate will remain roughly the same with two reverse auctions occuring each week until the mid-term elections, for an average liquification of about $5 billion per week.