The Leading US Dollar Macro Liquidity Terminal
25 macro series — the Treasury's cash balance, the Fed's balance sheet, overnight repo, volatility — resolve to a single 0–100 reading of dollar funding conditions. Beside it, what that funding is paying for: forward P/E across 4 US equity baskets. Updated daily, and every number traces back to its source series.
Neutral. Neutral liquidity offers no strong macro tailwind or headwind for risk assets.
Watch list
Core indicator modules
State Score
59/100
Loose
< 33
Neutral
33–67
Tight
> 67
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 59/100. Recent changes are driven by TGA Balance and Fed BS Size. Note the system cash buffer is thin, so the structural state is fragile — watch funding even while the flow is calm.
What Changed
5D -24.11, Easing contribution increased
5D -0.01, Tightening contribution increased
5D -0.04, Tightening contribution increased
Start with the score, then drill into the underlying blocks that are driving liquidity conditions.
Indicator Module
Fed balance sheet, TGA, and ON RRP — the three net-liquidity components that form the headline spine.
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, bank reserves (the raw cash level of the banking system), the reserve buffer (structural cash cushion behind the flow score), and M2 — broader aggregates shown for context, not directly scored.
Net Liquidity
Net Liquidity Index
Bank Reserves
Bank Reserves (Reserve Balances at the Fed)
Reserve Buffer
Reserve Buffer (Reserves + ON RRP ÷ Bank Assets)
M2 Supply
M2 Money Supply
Indicator Module
Fed swap-line usage, FIMA repo drawdowns and the foreign repo pool (where foreign central banks borrow dollars and where they park them), 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
FIMA Repo
FIMA Repo Facility Usage
Foreign Repo Pool
Foreign Repo Pool (Foreign Official Reverse Repo)
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 terminal data. We surface the quarterly figure unaltered rather than forward-fill to a synthetic daily line.
Source · BIS Quarterly ReviewIndicator Module
National debt, the monthly budget balance, the interest bill, and debt/GDP — the fiscal position behind Treasury issuance. Upstream of TGA and of every bill auction the funding market has to absorb, but slow-moving and published with a 2-to-250-day lag, so none of it enters the DLI score.
National Debt
US National Debt (Total Public Debt Outstanding)
Budget Balance
Federal Budget Balance (Monthly Surplus or Deficit)
Interest Payments
Federal Interest Payments (Debt Service Cost)
Debt / GDP
US Federal Debt to GDP
A quick scan of where pressure is building across policy, funding, credit, and risk.
The biggest forces easing or tightening liquidity right now.
See how liquidity conditions have translated into stocks, bonds, gold, and BTC.
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Equity Market Valuation
Forward P/E for the S&P 500, Nasdaq-100, semiconductors and technology — each charted against its own history, so today’s multiple arrives with the one thing a level alone never carries: where it sits.
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