Steven Spielberg gave us Pre-Crime; Ben Bernanke gave us Pre-Monetization. Moments ago, as part of today’s concluded $1.464 billion market funding POMO operation, one of the issues purchased by the Fed was the 30 year Treasury identified as CUSIP 912810QZ4.
Why is this CUSIP interesting? Because at 1:00 pm tomorrow, the US Treasury will issue $13 billion in the form of a 29 year 11 month bond reopening. The CUSIP of the issue: 912810QZ4.
Because the only thing better than monetizing the US debt is, well, pre-monetizing the US debt.
The best part: The NY Fed’s market-making (literally) desk at Liberty 33 didn’t even have to pass 88 MPH.
[VIA Zero Hedge]