And, as it turns out, so is the Fed, because oddly enough after several of our posts accused the Fed of implicitly monetizing the debt, by exposing just how fast the Fed was repurchasing from Dealers the same Bills it had issued just days earlier as described in...

Helicopter Money Is Here: How The Fed Monetized Billions In Debt Sold Just Days Earlier

The Fed Just Monetized $6.4 Billion In Debt Sold Earlier This Week

And Again: The Fed Monetizes $4.1 Billion In Debt Sold Just Days Earlier

... on Wednesday, the Fed unexpecteldy issued new guidance capping the amount of individual T-Bills it will purchase as part of QE4. Specifically, on Jan 14, the New York Fed announced that while it is maintaining T-bill purchases at $60b/month, it will limit the amount of individual securities it purchases, to wit:

In order to slow the rate of purchases for securities in which the SOMA portfolio already has large holdings as a proportion of Treasury securities outstanding, the Desk will allow the share of SOMA holdings of an individual Treasury security to rise above certain levels only in modest increments, as specified in the tables below.