This, after selling $807 billion in the first half of the fiscal year, and another $677 billion in the quarter ending Sept 30.

And since it is just a matter of time before Congress has to pass yet another fiscal package which will be at least another trillion dollars, and up to $3 trillion if the Democrats get their wish, one can say that Guggenheim's projection of over $5 trillion in debt issuance this calendar year will be wildly conservative.

Now here's the thing: as Deutsche Bank recently showed, so far this new debt avalanche was entire monetized exclusively by the Fed, whose debt purchasing operations have been far greater than the net Treasury issuance.

But this was only the case when the Fed was buying a massive $75 billion in TSYs per day in the late March crash, when Powell dumped a monetary nuclear bomb on the market to stabilize the biggest panic selling an entire generation of traders had ever seen, and nearly doubling the Fed's balance - which is now just shy of $7 trillion, in a few months:

Since then, however, the Fed's daily and weekly POMO has shrunk substantially, and as discussed earlier, it is down to just $30BN in Treasury purchases per week as of next week, which amounts to around $1.5 trillion per year.