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Quick AccessTGA BalanceVIXSOFR-IORB
Policy / Reserves
Fed Balance Sheet (Total Assets)Treasury General Account (TGA)Overnight Reverse Repo (ON RRP)
Funding / Plumbing
SOFR–IORB SpreadStanding Repo Facility (SRF)
Credit / Intermediation
Bank Cash Buffer (Cash Assets / Total Assets)High Yield Spread (ICE BofA HY OAS)
Risk / Price
VIX Volatility IndexBroad Dollar Index10-Year Real Yield (TIPS)
Broader Liquidity
Net Liquidity IndexM2 Money Supply

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Data Sources · FRED · Treasury · NY Fed

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SPY680.29▲0.6%
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GOLD$4820.6▲1.5%
Previous trading day close (as of 2026-04-09)

The Leading US Dollar Macro Liquidity Terminal

US Dollar Liquidity Dashboard

Track TGA, Fed balance sheet, ON RRP, VIX, and 8 more macro liquidity indicators — updated daily. Professional grade, completely free.

Current readStart with the regime, then move down into the details.

Today's signal

Supportive

P33

7D Trend

Improving

What matters now

Coverage

12 core indicators

Updated daily

See Today's Liquidity Regime→Explore All Indicators↗

Watch list

Core indicator modules

Explore All Indicators
TGA BalanceFed BS SizeON RRPSOFR-IORBSRF UsageVIXHY Spread10Y Real Yield

Start here

DLI Liquidity Score

P33
Liquidity ConditionSupportiveP20-P50 · P33

State Score

33/100

State Bands

Abundant

≤ P20

Supportive

P20-P50

Restrictive

P50-P80

Tight

≥ P80

7D Trend · ImprovingRaw Score -0.60Risk Bias (Secondary): Balanced
?How is this calculated?→

DLI Liquidity Score & Today's Takeaway

Start with today's regime, then drill into the drivers and indicators behind it.

What matters now

Liquidity is supportive and improving, with state score at P33. Recent changes are driven by SOFR-IORB and VIX.

What Changed

  • SOFR-IORB

    7D -0.06, tightening contribution increased

  • VIX

    7D -3.50, tightening contribution increased

  • HY Spread

    7D -22.00, easing contribution increased

Core indicator modules

Start with the score, then drill into the underlying blocks that are driving liquidity conditions.

Indicator Module

Policy / Reserves

Fed balance sheet, TGA, and ON RRP — the primary supply-side liquidity levers.

Fed BS Size

Fed Balance Sheet (Total Assets)

T
$6.67T+$0.02T
30D Trajectory
Volatility Low+0.07
16th %ile (5Y)

TGA Balance

Treasury General Account (TGA)

B
$728.2B$-47.2B
30D Trajectory
Volatility High110.75
59th %ile (5Y)

ON RRP

Overnight Reverse Repo (ON RRP)

B
$0.2B$-15.2B
30D Trajectory
Volatility High0.98
0th %ile (5Y)

Indicator Module

Funding / Plumbing

SOFR-IORB spread and SRF usage — real-time stress signals from the funding plumbing.

SOFR-IORB

SOFR–IORB Spread

bps
-0.1 bps-0.0 bps
30D Trajectory
Volatility High0.08
74th %ile (5Y)

SRF Usage

Standing Repo Facility (SRF)

B
$0.0B$-0.1B
30D Trajectory
Volatility High0.00
0th %ile (5Y)

Indicator Module

Credit / Intermediation

Bank cash buffers and high-yield spreads — how willing are intermediaries to lend?

Cash Buffer

Bank Cash Buffer (Cash Assets / Total Assets)

%
11.80%+0.11%
30D Trajectory
Volatility Medium1.26
1th %ile (5Y)

HY Spread

High Yield Spread (ICE BofA HY OAS)

bps
294.0 bps-18.0 bps
30D Trajectory
Volatility High16.00
16th %ile (5Y)

Indicator Module

Risk / Price

VIX, dollar strength, and real yields — market price feedback on liquidity conditions.

VIX

VIX Volatility Index

pts
21.04-4.74
30D Trajectory
Volatility High+3.11
71th %ile (5Y)

Dollar Index

Broad Dollar Index

idx
120.66+0.15
30D Trajectory
Volatility Low+2.72
51th %ile (5Y)

10Y Real Yield

10-Year Real Yield (TIPS)

%
1.96%-0.02%
30D Trajectory
Volatility High+0.19
74th %ile (5Y)

Indicator Module

Broader Liquidity

Composite and broader monetary indicators for context — not included in DLI scoring.

Net Liquidity

Net Liquidity Index

T
$5.93T+$0.03T
30D Trajectory
Volatility Medium+0.16
23th %ile (5Y)

M2 Supply

M2 Money Supply

T
$22.70T+$0.12T
30D Trajectory
Volatility Low+0.67
100th %ile (5Y)

Liquidity Map

A quick scan of where pressure is building across policy, funding, credit, and risk.

Policy / Reserves
Neutral
TightEasy
Funding / Plumbing
Tightening
TightEasy
Credit / Intermediation
Neutral
TightEasy
Risk / Price
Tightening
TightEasy

Key Drivers

The biggest forces pushing liquidity easier or tighter right now.

SOFR-IORB
Tightening
Cash Buffer
Tightening
HY Spread
Easing
TGA Balance
Tightening
ON RRP
Easing
10Y Real Yield
Tightening
VIX
Tightening
Dollar Index
Tightening

Asset Impact Lens

See how liquidity conditions have translated into stocks, bonds, gold, and BTC.

Loading asset impact lens...

BTC

Correlations

30D-0.2390D0.10180D0.04

Lead–lag

Lead 10D-0.01Lead 20D-0.02Lead 60D-0.01

State Outcomes (20D)

Supportive-State Return12.0%
Supportive-State Win Rate85.0%
Tight-State Return-4.2%
SPX

Correlations

30D-0.1890D-0.02180D-0.10

Lead–lag

Lead 10D-0.01Lead 20D-0.02Lead 60D0.00

State Outcomes (20D)

Supportive-State Return2.7%
Supportive-State Win Rate65.0%
Tight-State Return-0.2%
QQQ

Correlations

30D-0.0990D-0.02180D-0.10

Lead–lag

Lead 10D0.01Lead 20D-0.01Lead 60D0.02

State Outcomes (20D)

Supportive-State Return4.1%
Supportive-State Win Rate75.0%
Tight-State Return-0.3%
GOLD

Correlations

30D0.1390D-0.03180D-0.02

Lead–lag

Lead 10D0.07Lead 20D0.05Lead 60D-0.01

State Outcomes (20D)

Supportive-State Return5.7%
Supportive-State Win Rate85.0%
Tight-State Return3.6%