Forgot About the POMO

Here's the direct link to the New York Federal Reserve so you can look it up anytime you wish.

Here are the results:

The submitted:Accepted ratio is near the median of 4.1x at 4.28x-a little on the high side meaning the PD's didn't walk away with a boat load of cash.

Furthermore it seems Indirect bidders (this would include the formerly biggest holder of US debt before the Fed stepped in to monetize it, China) didn't show much in the way of participation. Of course the slacking of participation was noted long ago-about the time the Chinese started complaining to Hillary Clinton about the state of the US economy. In my view, this is part of the reason the Fed had started to monetize the debt as foreign countries were no longer dependable and perhaps the U.S. administration wanted to keep on spending which put it at odds with indirects as that adversely affected their current holdings-why buy more?

Today was a prime example of how little interest there is from indirects in US debt-another warning sign, but from a source whose only dog in the fight is the truth and protecting their investments, not continuous revisions and the now completely ridiculous wealth effect that the market is supposed to create driving US consumers to spend and borrow again. The lack of participation by indirect bidders such as China is taken by me as a vote of "no confidence". By the way, the lack of indirect bidders was the lowest since Q2 2007. That' a pretty harsh vote.