With the Fed expected to at least extend the period of guaranteed ZIRP from 2013 to 2014 tomorrow, it is no surprise that the just priced $35 billion in 2 year bonds did so very uneventfully, and at a high yield of 0.25% (38.96% allotted), in line with the When Issued, the note priced like what is was: an issue explicitly guaranteed by the Fed, and a yield reflecting it. The pricing was uneventful in the headline, and in the internals, with the Directs taking down 8.27% (quite lower than the TTM 13.05%), Indirects in line with average at 32.89% and Primary Dealers as usual accounting for more than a majority, or 58.84%. The Bid To Cover was a solid 3.75 if not a record. And now the Dealers will promptly reverse repo the bond back to the as nobody can do anything with a 0.25% yield in an environment in which investors demand double digits ROEs. Most importantly, however, was that this was merely the latest bond auction concluding even with the US debt ceiling still not getting an extension, and even more plundering from the G-fund. Once the ceiling is finally lifted, total US debt will move the maximum $15.2 trillion to well over $15.3 trillion overnight, maybe higher, just as it did back in August.