The Leading US Dollar Macro Liquidity Terminal
Track TGA, Fed balance sheet, ON RRP, VIX, and 8 more macro liquidity indicators — updated daily. Professional grade, completely free.
Watch list
Core indicator modules
State Score
53/100
Loose
≤ P20
Mildly Loose
P20-P50
Mildly Tight
P50-P80
Tight
≥ P80
Start with today's regime, then drill into the drivers and indicators behind it.
What matters now
Liquidity is neutral and stable, with state score at P53. Recent changes are driven by TGA Balance and SOFR-IORB.
What Changed
5D +24.16, tightening contribution increased
5D +8.00, tightening contribution increased
5D -1.38, easing contribution increased
Start with the score, then drill into the underlying blocks that are driving liquidity conditions.
Indicator Module
Fed balance sheet, TGA, and conditional ON RRP depletion transition — the primary policy and reserve levers.
Fed BS Size
Fed Balance Sheet (Total Assets)
TGA Balance
Treasury General Account (TGA)
ON RRP
Overnight Reverse Repo (ON RRP)
Indicator Module
SOFR-IORB spread and SRF usage — real-time stress signals from the funding plumbing.
Indicator Module
Bank cash buffers and high-yield spreads — how willing are intermediaries to lend?
Indicator Module
VIX, dollar strength, and real yields — market price feedback on liquidity conditions.
Indicator Module
Net Liquidity and M2 money supply — broader aggregates shown for context, not directly scored.
Indicator Module
Fed swap-line usage, CP-Tbill funding stress, foreign Treasury holdings, ECB/BoJ balance sheets — reference indicators for offshore dollar funding and the global central-bank liquidity context. NOT included in DLI scoring.
Fed Swap Lines
Fed Central Bank Liquidity Swaps
CP–T-bill Spread
CP–T-bill Spread (90D AA Financial CP minus 3M T-bill)
Foreign US Treasuries
Foreign Holdings of US Treasury Debt
ECB BS
ECB Balance Sheet (Total Assets, EUR)
BoJ BS
BoJ Balance Sheet (Total Assets, JPY)
Quarterly reference · negative = offshore USD scarcity
BIS publishes the cross-currency basis quarterly; live daily quotes are Bloomberg/Refinitiv (paid). We surface the quarterly figure unaltered rather than forward-fill to a synthetic daily line.
Source · BIS Quarterly ReviewA quick scan of where pressure is building across policy, funding, credit, and risk.
The biggest forces pushing liquidity easier or tighter right now.
See how liquidity conditions have translated into stocks, bonds, gold, and BTC.
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Correlations
Lead–lag
State Outcomes (20D)
Regime-Conditional
Correlations
Lead–lag
State Outcomes (20D)
Regime-Conditional
Correlations
Lead–lag
State Outcomes (20D)
Regime-Conditional
Correlations
Lead–lag
State Outcomes (20D)
Regime-Conditional