Rearranging the Deck Chairs (or: The Fed's New "Laffy TAFfy")

``The Fed’s new Taffy facility is nothing more than an extension of its recent con game. The Fed will reduce the usual liquidity injections via open market operations (OMO) to accommodate whatever goes into the system via the Taffy route. Why do I suspect this? Because today, on the next to last Thursday before Christmas, the Fed did not add a single dime to the market. And they are now running way behind last years pace of liquidity injections for this period.''