{"_license":"Reuse with attribution is welcome; copying the work is not. Data (/api/regime, snapshot, lens, history, correlation, series, market-top): CC BY 4.0. Charts, share images, embeds and quotes: free to reuse when credited \"Dollar Liquidity (dollarliquidity.com)\" with a link. Valuation series: display only. No derivative or look-alike sites, no use of the brand names, no citation without the source. Terms: https://dollarliquidity.com/license/","_attribution":"Dollar Liquidity (dollarliquidity.com)","_canonical":"https://dollarliquidity.com/api/snapshot","_terms":"https://dollarliquidity.com/license/","$schema":"https://dollarliquidity.com/api/snapshot.schema.json","generatedAt":"2026-09-22T01:25:50.649Z","site":{"name":"DollarLiquidity.com","url":"https://dollarliquidity.com","tagline":"Real-time US dollar liquidity tracker, DLI regime scoring, and macro context.","mission":"Aggregate public macro-liquidity data from the Federal Reserve (FRED), US Treasury, and NY Fed into a single, transparent framework for investors, researchers, and financial content teams.","languages":["en","zh","zh-Hant","ja","ko","es","fr","de"],"snapshotCadenceHours":6,"scoringNote":"Net Liquidity, M2, and most offshore gauges are tracked for context. The DLI headline is driven by the net-liquidity flow (Fed balance sheet - TGA - ON RRP), a reserve-scarcity stock leg, and a funding-stress override (SOFR-IORB, SRF, rising Fed swap lines); credit and market-risk tiers are context, not headline inputs."},"regime":{"status":"neutral","momentum":"stable","confidence":"high","compositeScore":-0.1446,"previousScore":-0.1352,"percentile5y":57,"vulnerability":"elevated","buffer":11.7,"structuralStance":"flat","tacticalPulse":"flat","structuralFlow":0.056,"tacticalFlow":-0.1031,"coverage":{"groups":4,"totalGroups":4,"indicators":12,"totalIndicators":12},"dataAsOf":"2026-09-21","updatedAt":"2026-09-22T01:00:39.914Z","topDrivers":[{"indicatorId":"tga","weight":0.090424,"zScore":0.3617,"contribution":0.090424,"direction":"tightening"},{"indicatorId":"fed-balance-sheet","weight":0.043105,"zScore":-0.1724,"contribution":-0.043105,"direction":"easing"},{"indicatorId":"reserve-buffer","weight":0.036307,"zScore":0.1452,"contribution":0.036307,"direction":"tightening"},{"indicatorId":"onrrp","weight":0.0111,"zScore":-0.0444,"contribution":-0.0111,"direction":"neutral"},{"indicatorId":"srf","weight":0.003424,"zScore":0.0137,"contribution":0.003424,"direction":"neutral"}]},"indicators":{"total":33,"scoring":12,"observational":21,"list":[{"id":"tga","slug":"tga","title":"TGA Balance","description":"US Treasury General Account (TGA) balance — daily Treasury cash balance, a core US dollar liquidity and market liquidity indicator.","moduleId":"fed","source":"treasury","unit":"B","direction":"higher_worse","dliGroup":"A","regimeWeight":0.2,"latest":{"date":"2026-09-18","value":985.932,"zScore":1.2892},"urls":{"page":"https://dollarliquidity.com/en/indicators/tga","series":"https://dollarliquidity.com/api/series/tga","learn":"https://dollarliquidity.com/en/learn/tga"}},{"id":"fed-balance-sheet","slug":"fed-balance-sheet","title":"Fed BS Size","description":"WALCL — Federal Reserve Total Assets, weekly frequency.","moduleId":"fed","source":"fred","unit":"T","direction":"lower_worse","dliGroup":"A","regimeWeight":0.2,"latest":{"date":"2026-09-16","value":6.747,"zScore":0.0023},"urls":{"page":"https://dollarliquidity.com/en/indicators/fed-balance-sheet","series":"https://dollarliquidity.com/api/series/fed-balance-sheet","learn":"https://dollarliquidity.com/en/learn/fed-balance-sheet"}},{"id":"onrrp","slug":"onrrp","title":"ON RRP","description":"RRPONTSYD — Overnight Reverse Repo balance (FRED). One of the three net-liquidity components (Fed balance sheet − TGA − ON RRP): cash parked here is sterilized out of the banking system, so a falling ON RRP balance releases liquidity back into reserves (supportive) while a rising balance absorbs it (tightening).","moduleId":"micro","source":"fred","unit":"B","direction":"higher_worse","dliGroup":"A","regimeWeight":0.2,"latest":{"date":"2026-09-21","value":0.582,"zScore":-0.675},"urls":{"page":"https://dollarliquidity.com/en/indicators/onrrp","series":"https://dollarliquidity.com/api/series/onrrp","learn":"https://dollarliquidity.com/en/learn/onrrp"}},{"id":"sofr-iorb","slug":"sofr-iorb","title":"SOFR-IORB","description":"SOFR minus IORB — positive spread signals funding stress.","moduleId":"micro","source":"computed","unit":"bps","direction":"higher_worse","dliGroup":"B","regimeWeight":0.034,"latest":{"date":"2026-09-18","value":-5,"zScore":1.349},"urls":{"page":"https://dollarliquidity.com/en/indicators/sofr-iorb","series":"https://dollarliquidity.com/api/series/sofr-iorb","learn":"https://dollarliquidity.com/en/learn/sofr-iorb"}},{"id":"srf","slug":"srf","title":"SRF Usage","description":"Daily aggregate of accepted SRF operations from NY Fed.","moduleId":"micro","source":"nyfed","unit":"B","direction":"higher_worse","dliGroup":"B","regimeWeight":0.033,"latest":{"date":"2026-09-21","value":0.002,"zScore":0},"urls":{"page":"https://dollarliquidity.com/en/indicators/srf","series":"https://dollarliquidity.com/api/series/srf","learn":"https://dollarliquidity.com/en/learn/srf"}},{"id":"vix","slug":"vix","title":"VIX","description":"VIXCLS — S&P 500 implied volatility (CBOE).","moduleId":"macro","source":"fred","unit":"pts","direction":"higher_worse","dliGroup":"D","regimeWeight":0.067,"latest":{"date":"2026-09-18","value":14.81,"zScore":-0.3958},"urls":{"page":"https://dollarliquidity.com/en/indicators/vix","series":"https://dollarliquidity.com/api/series/vix","learn":"https://dollarliquidity.com/en/learn/vix"}},{"id":"hy-spread","slug":"hy-spread","title":"HY Spread","description":"BAMLH0A0HYM2 — ICE BofA US High Yield Option-Adjusted Spread.","moduleId":"macro","source":"fred","unit":"bps","direction":"higher_worse","dliGroup":"C","regimeWeight":0.025,"latest":{"date":"2026-09-18","value":268,"zScore":-1.0557},"urls":{"page":"https://dollarliquidity.com/en/indicators/hy-spread","series":"https://dollarliquidity.com/api/series/hy-spread","learn":"https://dollarliquidity.com/en/learn/hy-spread"}},{"id":"real-yield-10y","slug":"real-yield-10y","title":"10Y Real Yield","description":"DFII10 — 10-Year Treasury Inflation-Indexed Security.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":"D","regimeWeight":0.067,"latest":{"date":"2026-09-17","value":2.61,"zScore":1.287},"urls":{"page":"https://dollarliquidity.com/en/indicators/real-yield-10y","series":"https://dollarliquidity.com/api/series/real-yield-10y","learn":"https://dollarliquidity.com/en/learn/real-yield-10y"}},{"id":"dollar-index","slug":"dollar-index","title":"Dollar Index","description":"DTWEXBGS — Nominal Broad U.S. Dollar Index.","moduleId":"macro","source":"fred","unit":"idx","direction":"higher_worse","dliGroup":"D","regimeWeight":0.066,"latest":{"date":"2026-09-11","value":118.213,"zScore":0.1394},"urls":{"page":"https://dollarliquidity.com/en/indicators/dollar-index","series":"https://dollarliquidity.com/api/series/dollar-index","learn":"https://dollarliquidity.com/en/learn/dollar-index"}},{"id":"bank-cash-buffer","slug":"bank-cash-buffer","title":"Cash Buffer","description":"FRED H.8 weekly: Cash Assets / Total Assets for commercial banks.","moduleId":"fed","source":"computed","unit":"%","direction":"lower_worse","dliGroup":"C","regimeWeight":0.025,"latest":{"date":"2026-09-09","value":11.885,"zScore":-1.6106},"urls":{"page":"https://dollarliquidity.com/en/indicators/bank-cash-buffer","series":"https://dollarliquidity.com/api/series/bank-cash-buffer","learn":"https://dollarliquidity.com/en/learn/bank-cash-buffer"}},{"id":"bank-cash-tiering","slug":"bank-cash-tiering","title":"Bank Cash Tiering","description":"Weekly, seasonally adjusted H.8 data. The metric first divides cash assets by total assets within each bank group, then subtracts the small-bank ratio from the large-bank ratio. The Federal Reserve defines large domestically chartered banks as the top 25 by domestic assets and adjusts the two panels for mergers and panel shifts. A wider positive gap means the largest banks hold a thicker cash cushion than the rest of the domestic banking system: liquidity is becoming more concentrated by tier. It is cross-sectional context, not an input to the DLI score.","moduleId":"micro","source":"computed","unit":"pp","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-09","value":1.713,"zScore":-1.6116},"urls":{"page":"https://dollarliquidity.com/en/indicators/bank-cash-tiering","series":"https://dollarliquidity.com/api/series/bank-cash-tiering","learn":"https://dollarliquidity.com/en/learn/bank-cash-tiering"}},{"id":"net-liquidity","slug":"net-liquidity","title":"Net Liquidity","description":"Fed Total Assets − TGA − Reverse Repo. A composite measure of system liquidity.","moduleId":"fed","source":"computed","unit":"T","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-17","value":5.774,"zScore":-0.0252},"urls":{"page":"https://dollarliquidity.com/en/indicators/net-liquidity","series":"https://dollarliquidity.com/api/series/net-liquidity","learn":"https://dollarliquidity.com/en/learn/net-liquidity"}},{"id":"reserve-buffer","slug":"reserve-buffer","title":"Reserve Buffer","description":"Bank reserves plus ON RRP as a share of total commercial-bank assets — the banking system's cash cushion. Display-only context, NOT in the DLI score: the headline tracks the net-liquidity FLOW (is liquidity being added or drained now), while this shows the structural buffer LEVEL behind it. A falling ratio (TGA refills, ON RRP exhausted, reserves sliding) means a thinner margin of safety even when the flow reads loose. It halved from ~26% (2021-22) to ~12% (2026).","moduleId":"fed","source":"computed","unit":"%","direction":"lower_worse","dliGroup":"A","regimeWeight":0.05,"latest":{"date":"2026-09-16","value":11.7,"zScore":-0.6815},"urls":{"page":"https://dollarliquidity.com/en/indicators/reserve-buffer","series":"https://dollarliquidity.com/api/series/reserve-buffer","learn":"https://dollarliquidity.com/en/learn/reserve-buffer"}},{"id":"bank-reserves","slug":"bank-reserves","title":"Bank Reserves","description":"WRESBAL — reserve balances held by depository institutions at the Federal Reserve, in trillions of USD. The raw cash level of the banking system, and the number market participants watch for \"reserve scarcity\" (the level fell from a ~$4.3T peak toward ~$3T as QT drained it). Display-only context, NOT in the DLI score: the headline tracks the net-liquidity FLOW (is liquidity being added or drained now), and reserves enter that flow via WALCL − TGA − ON RRP. The absolute level is shown here because it is the figure traders quote, while the reserve-buffer ratio normalizes it against bank assets. A reserve LEVEL was deliberately kept out of the score — it anti-tracks financial conditions in an ample regime.","moduleId":"fed","source":"fred","unit":"T","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-16","value":3.014,"zScore":-0.0432},"urls":{"page":"https://dollarliquidity.com/en/indicators/bank-reserves","series":"https://dollarliquidity.com/api/series/bank-reserves","learn":"https://dollarliquidity.com/en/learn/bank-reserves"}},{"id":"fed-swap-lines","slug":"fed-swap-lines","title":"Fed Swap Lines","description":"SWPT — Central bank liquidity swap outstanding from H.4.1. When non-zero, foreign central banks (ECB/BoJ/BoE/SNB/BoC) are drawing USD that the private market cannot supply — a revealed offshore dollar shortage.","moduleId":"fed","source":"fred","unit":"B","direction":"higher_worse","dliGroup":"B","regimeWeight":0.033,"latest":{"date":"2026-09-16","value":0.094,"zScore":-0.4394},"urls":{"page":"https://dollarliquidity.com/en/indicators/fed-swap-lines","series":"https://dollarliquidity.com/api/series/fed-swap-lines","learn":"https://dollarliquidity.com/en/learn/fed-swap-lines"}},{"id":"fima-repo-facility","slug":"fima-repo-facility","title":"FIMA Repo","description":"H41RESPPALGTRFNWW — the \"Repurchase agreements: Foreign official\" line of the Fed's H.4.1, which is where FIMA Repo Facility usage is reported. Foreign central banks and international monetary authorities holding accounts at the New York Fed pledge their US Treasuries overnight for dollars instead of selling those Treasuries outright. A non-zero print therefore means an official-sector dollar shortage that the private repo market did not absorb, and it also means someone chose not to dump Treasuries into the market — the reason the Fed built the facility in March 2020 and made it standing in July 2021. Usage peaked at $60B on 2023-03-22, the SVB / Credit Suisse week. Caveat that matters: this is a weekly Wednesday snapshot of an overnight facility, so draws taken and repaid between Wednesdays are invisible, and no daily series exists. Display-only context, NOT in the DLI score.","moduleId":"fed","source":"fred","unit":"B","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-16","value":0.001,"zScore":0},"urls":{"page":"https://dollarliquidity.com/en/indicators/fima-repo-facility","series":"https://dollarliquidity.com/api/series/fima-repo-facility","learn":"https://dollarliquidity.com/en/learn/fima-repo-facility"}},{"id":"foreign-repo-pool","slug":"foreign-repo-pool","title":"Foreign Repo Pool","description":"WLRRAFOIAL — the foreign repo pool: overnight reverse repurchase agreements the New York Fed runs for foreign official and international accounts, the same FIMA account holders who can borrow from the FIMA Repo Facility. This is the other direction. Foreign central banks park surplus dollar reserves here overnight at an administered rate instead of buying bills or leaving the cash with a commercial bank, which is why the pool is read as a gauge of how much of the world's official dollar reserves are sitting idle rather than being deployed. Cash in the pool is sterilized out of the private banking system exactly as ON RRP balances are, so a rising pool drains reserves even though nothing on the Fed's asset side changed. Read it alongside FIMA repo: the pool is where the official sector leaves dollars, FIMA repo is where it comes to get them. Weekly Wednesday snapshot. Display-only context, NOT in the DLI score.","moduleId":"fed","source":"fred","unit":"B","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-16","value":318.428,"zScore":0.5921},"urls":{"page":"https://dollarliquidity.com/en/indicators/foreign-repo-pool","series":"https://dollarliquidity.com/api/series/foreign-repo-pool","learn":"https://dollarliquidity.com/en/learn/foreign-repo-pool"}},{"id":"cp-tbill-spread","slug":"cp-tbill-spread","title":"CP–T-bill Spread","description":"DCPF3M − DTB3 — 90-day AA financial commercial paper rate minus 3-month Treasury Bill rate. The TED-style post-LIBOR funding-stress proxy: financial issuers include large US branches of foreign banks, so the spread carries a real offshore component. Widens at SVB-style stress events.","moduleId":"macro","source":"computed","unit":"bps","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-11","value":-2,"zScore":-1.349},"urls":{"page":"https://dollarliquidity.com/en/indicators/cp-tbill-spread","series":"https://dollarliquidity.com/api/series/cp-tbill-spread","learn":"https://dollarliquidity.com/en/learn/cp-tbill-spread"}},{"id":"foreign-treasury-holdings","slug":"foreign-treasury-holdings","title":"Foreign US Treasuries","description":"FDHBFIN — Federal debt held by foreign and international investors. Long-run reference for offshore demand for US dollar assets. Quarterly cadence and 1-2 quarter publication lag — context indicator, not a real-time stress signal.","moduleId":"macro","source":"fred","unit":"T","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2025-10-01","value":9.271,"zScore":1.9431},"urls":{"page":"https://dollarliquidity.com/en/indicators/foreign-treasury-holdings","series":"https://dollarliquidity.com/api/series/foreign-treasury-holdings","learn":"https://dollarliquidity.com/en/learn/foreign-treasury-holdings"}},{"id":"ecb-balance-sheet","slug":"ecb-balance-sheet","title":"ECB BS","description":"ECBASSETSW — Eurosystem total assets, weekly, in millions of EUR. Aggregated as part of the global central-bank liquidity context; ECB and BoJ QE indirectly support USD-asset demand via FX-swap-funded purchases. EUR-denominated — reading USD-comparable values requires applying the prevailing EUR/USD spot, which we do not auto-convert.","moduleId":"fed","source":"fred","unit":"T_EUR","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-11","value":5.911,"zScore":-0.1558},"urls":{"page":"https://dollarliquidity.com/en/indicators/ecb-balance-sheet","series":"https://dollarliquidity.com/api/series/ecb-balance-sheet","learn":"https://dollarliquidity.com/en/learn/ecb-balance-sheet"}},{"id":"boj-balance-sheet","slug":"boj-balance-sheet","title":"BoJ BS","description":"JPNASSETS — Bank of Japan total assets, monthly, in billions of JPY. Tracks the world's most structurally USD-borrowing economy (Japanese lifers / banks fund US fixed-income via JPY/USD FX swaps). Monthly cadence — context indicator. JPY-denominated, no auto-currency-conversion.","moduleId":"fed","source":"fred","unit":"T_JPY","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-08-01","value":6446.62,"zScore":-0.6579},"urls":{"page":"https://dollarliquidity.com/en/indicators/boj-balance-sheet","series":"https://dollarliquidity.com/api/series/boj-balance-sheet","learn":"https://dollarliquidity.com/en/learn/boj-balance-sheet"}},{"id":"m2","slug":"m2","title":"M2 Supply","description":"WM2NS — US M2 Money Stock (weekly, not seasonally adjusted). Broad measure of the money supply including cash, checking deposits, and near-money.","moduleId":"fed","source":"fred","unit":"T","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-08-03","value":23.208,"zScore":1.088},"urls":{"page":"https://dollarliquidity.com/en/indicators/m2","series":"https://dollarliquidity.com/api/series/m2","learn":"https://dollarliquidity.com/en/learn/m2"}},{"id":"national-debt","slug":"national-debt","title":"National Debt","description":"Debt to the Penny — total public debt outstanding, published daily by the US Treasury. It is the sum of debt held by the public and intragovernmental holdings, so it is larger than the figure most deficit discussions use. Updated every business day with a two-to-four-day lag. A stock, not a flow: it is displayed as fiscal context and is not part of the DLI score.","moduleId":"macro","source":"treasury","unit":"T","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-17","value":40.093,"zScore":1.2165},"urls":{"page":"https://dollarliquidity.com/en/indicators/national-debt","series":"https://dollarliquidity.com/api/series/national-debt","learn":"https://dollarliquidity.com/en/learn/national-debt"}},{"id":"federal-interest-payments","slug":"federal-interest-payments","title":"Interest Payments","description":"A091RC1Q027SBEA — federal government current expenditures on interest, from the BEA national accounts. Quarterly, and reported at a seasonally adjusted ANNUAL rate: the latest print is the run-rate the government is paying per year, not what it paid in that quarter. This is gross accrued interest and runs above the Treasury's \"net interest\" outlay line, which nets out intragovernmental receipts. Published about a month after the quarter closes, then revised.","moduleId":"macro","source":"fred","unit":"T","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-04-01","value":1.247,"zScore":4},"urls":{"page":"https://dollarliquidity.com/en/indicators/federal-interest-payments","series":"https://dollarliquidity.com/api/series/federal-interest-payments","learn":"https://dollarliquidity.com/en/learn/federal-interest-payments"}},{"id":"federal-deficit","slug":"federal-deficit","title":"Budget Balance","description":"MTSDS133FMS — the Monthly Treasury Statement bottom line. The sign is the source's: a NEGATIVE value is a deficit, a positive one a surplus. Single months say very little on their own, because the series is dominated by calendar effects — April usually posts a surplus on tax receipts, and a month whose first day falls on a weekend pulls benefit payments forward into the month before. Read the 12-month rolling sum, or compare a month with the same month a year earlier. Released about eight business days after month end.","moduleId":"macro","source":"fred","unit":"B","direction":"lower_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-08-01","value":-166.797,"zScore":-0.1637},"urls":{"page":"https://dollarliquidity.com/en/indicators/federal-deficit","series":"https://dollarliquidity.com/api/series/federal-deficit","learn":"https://dollarliquidity.com/en/learn/federal-deficit"}},{"id":"debt-to-gdp","slug":"debt-to-gdp","title":"Debt / GDP","description":"GFDEGDQ188S — total public debt as a percent of GDP. The standard way to compare a debt stock across eras, since it scales the number by the economy that has to carry it. Numerator is the same total the national-debt series shows, so it includes intragovernmental holdings and sits above the debt-held-by-the-public ratios the CBO usually quotes. The slowest series on this site: it is gated by the quarterly Financial Accounts release and normally runs one to two quarters behind.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-01-01","value":122.594,"zScore":0.6765},"urls":{"page":"https://dollarliquidity.com/en/indicators/debt-to-gdp","series":"https://dollarliquidity.com/api/series/debt-to-gdp","learn":"https://dollarliquidity.com/en/learn/debt-to-gdp"}},{"id":"effr","slug":"effr","title":"EFFR","description":"EFFR — the Effective Federal Funds Rate, published by the Federal Reserve Bank of New York every business day. It is the volume-weighted median of actual overnight unsecured loans between banks, so it shows where the market really clears, not the FOMC's announced target range (a band, not a single number) and not the interest rate on reserve balances (IORB). Because it moves with real transactions, it is the anchor other short-end rates get read against: comparing it with the 2-year Treasury yield shows whether the market is pricing rate cuts or hikes over roughly the next two years. No prints on weekends or federal holidays.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-18","value":3.88,"zScore":0.6484},"urls":{"page":"https://dollarliquidity.com/en/indicators/effr","series":"https://dollarliquidity.com/api/series/effr","learn":"https://dollarliquidity.com/en/learn/effr"}},{"id":"ust-1y","slug":"ust-1y","title":"1Y Treasury","description":"DGS1 — the 1-Year Treasury Constant Maturity Rate, interpolated daily from the Treasury's par yield curve (H.15 release). Published on business days only; no row on weekends or federal holidays. It is an interpolated par yield, not a directly traded spot rate, and it prices the market's expected average fed funds rate over the next 12 months — so it moves ahead of FOMC meetings as rate-cut or rate-hike odds get repriced, reacting faster to the near-term policy path than the 2-year (DGS2).","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-17","value":4.4,"zScore":0.8347},"urls":{"page":"https://dollarliquidity.com/en/indicators/ust-1y","series":"https://dollarliquidity.com/api/series/ust-1y","learn":"https://dollarliquidity.com/en/learn/ust-1y"}},{"id":"ust-2y","slug":"ust-2y","title":"2Y Yield","description":"DGS2 — the 2-Year Treasury Constant Maturity Rate, published daily by the Treasury (business days only; no print on weekends or holidays), interpolated from the Treasury's daily par yield curve. It is the market's most direct read on the expected average federal funds rate over the next two years, so it moves faster and further than the 10-year on shifts in rate-cut or rate-hike expectations. The published value is not the quoted yield of one specific outstanding note — it is a curve-interpolated constant-maturity figure.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-17","value":4.67,"zScore":1.0437},"urls":{"page":"https://dollarliquidity.com/en/indicators/ust-2y","series":"https://dollarliquidity.com/api/series/ust-2y","learn":"https://dollarliquidity.com/en/learn/ust-2y"}},{"id":"ust-10y","slug":"ust-10y","title":"10Y Nominal Yield","description":"DGS10 — the 10-Year Treasury Constant Maturity Rate, the Treasury's benchmark nominal long-end yield, interpolated daily off the par yield curve. Updates business days only, published the same afternoon, not seasonally adjusted. This is the NOMINAL yield: distinct from this site's real-yield-10y indicator (DFII10, the TIPS-based real yield). Nominal minus real approximates the market's 10-year breakeven inflation rate.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-18","value":5.01,"zScore":1.2559},"urls":{"page":"https://dollarliquidity.com/en/indicators/ust-10y","series":"https://dollarliquidity.com/api/series/ust-10y","learn":"https://dollarliquidity.com/en/learn/ust-10y"}},{"id":"term-premium-10y","slug":"term-premium-10y","title":"10Y Term Premium","description":"THREEFYTP10 — the term premium on a 10-year zero-coupon Treasury, estimated with the Kim-Wright (2005) three-factor arbitrage-free term structure model and published by the Federal Reserve Board of Governors. This is a MODEL estimate, not an observed market yield: it splits the 10-year Treasury yield into the market's expected path of future short-term rates plus this residual, the extra compensation investors demand for holding duration risk. It is not the New York Fed's separate ACM term-premium estimate, which uses a different model and is not carried on FRED. Daily, back to 1990-01-02, not seasonally adjusted, and the latest print typically lags 2-5 business days.","moduleId":"macro","source":"fred","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-11","value":0.961,"zScore":2.1385},"urls":{"page":"https://dollarliquidity.com/en/indicators/term-premium-10y","series":"https://dollarliquidity.com/api/series/term-premium-10y","learn":"https://dollarliquidity.com/en/learn/term-premium-10y"}},{"id":"ig-spread","slug":"ig-spread","title":"IG Spread","description":"BAMLC0A0CM — ICE BofA US Corporate Index Option-Adjusted Spread (Investment Grade). It tracks investment-grade-rated US corporate bonds and is published on the same daily, business-days-only cadence as the site's tracked hy-spread (BAMLH0A0HYM2), with roughly a one-business-day lag. Read alone it only says whether IG borrowing costs are cheap or expensive. Charted against hy-spread, the gap between the two is the real signal: it shows whether credit stress is confined to junk-rated borrowers or has spread up into investment grade.","moduleId":"macro","source":"fred","unit":"bps","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-09-18","value":77,"zScore":-0.7708},"urls":{"page":"https://dollarliquidity.com/en/indicators/ig-spread","series":"https://dollarliquidity.com/api/series/ig-spread","learn":"https://dollarliquidity.com/en/learn/ig-spread"}},{"id":"bills-share","slug":"bills-share","title":"Bills Share","description":"MSPD Table 1 — Treasury bills (securities maturing in one year or less) as a share of total marketable Treasury debt outstanding, from the Treasury's Monthly Statement of the Public Debt. Treasury's own debt-management advisory committee (TBAC) has recommended keeping this share in a roughly 15–20% band; a higher share means more of the debt stock has to be rolled over in the near term, which raises how sensitive federal borrowing costs are to short-term rate moves and how much bill supply money-market funds have to absorb. Monthly and slow: the point is stamped at month-end and released around the 8th business day of the following month, so the latest stamp can be close to six weeks old before the next one lands. A forward-looking structural indicator, not a coincident one — it speaks to issuance plans, not to current funding stress.","moduleId":"macro","source":"treasury","unit":"%","direction":"higher_worse","dliGroup":null,"regimeWeight":0,"latest":{"date":"2026-08-31","value":22.77,"zScore":1.081},"urls":{"page":"https://dollarliquidity.com/en/indicators/bills-share","series":"https://dollarliquidity.com/api/series/bills-share","learn":"https://dollarliquidity.com/en/learn/bills-share"}}]},"dliModel":{"tiers":[{"tier":"A","title":"Policy / Reserves","weight":0.65,"indicators":["fed-balance-sheet","tga","onrrp","reserve-buffer"]},{"tier":"B","title":"Funding / Plumbing","weight":0.1,"indicators":["sofr-iorb","srf","fed-swap-lines"]},{"tier":"C","title":"Credit / Intermediation","weight":0.05,"indicators":["bank-cash-buffer","hy-spread"]},{"tier":"D","title":"Risk / Price","weight":0.2,"indicators":["vix","dollar-index","real-yield-10y"]}],"normalization":"headline spine is the net-liquidity flow (Fed balance sheet − TGA − ON RRP) smoothed to a 6-month-equivalent change and mapped to an impulse, combined with a funding-stress override (SOFR-IORB spread, SRF usage) via noisy-OR and EWMA-smoothed","regimeClassification":"absolute 0-100 score: below 33 loose (risk-on), above 67 tight (risk-off); credit and market-risk tiers shown as context, not in the headline"},"recentBlog":[{"slug":"liquidity-does-not-fail-all-at-once","title":"Liquidity Does Not Fail All at Once: The Case for Quantity, Price, and Structure","description":"A large pool can coexist with expensive funding or narrowing access. 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