The Fed balance sheet is the Fed's total assets. Net liquidity subtracts the two Fed accounts that hold cash outside the banking system, the Treasury General Account (TGA) and the overnight reverse repo facility (ON RRP), so it can rise while the balance sheet shrinks, and fall while it grows. Net liquidity stood at $5.83T on 2026-10-13 and the Fed's total assets at $6.75T on 2026-10-07; the TGA and ON RRP together held $920.5B on 2026-10-13.
| Net liquidity | Fed balance sheet | |
|---|---|---|
| What it measures | Fed total assets minus the TGA and ON RRP: the part of the balance sheet not held in those two accounts. | Total assets of the Federal Reserve (WALCL), mostly Treasury and mortgage-backed securities. |
| What moves it | All three parts: the Fed's balance sheet, the Treasury's cash management and money funds' use of ON RRP. | The Fed: asset purchases (QE) and runoff (QT), plus lending through its facilities. |
| Frequency | Daily (business days) | Weekly |
| Unit | US$ trillions | US$ trillions |
| Latest value | $5.83T (2026-10-13) | $6.75T (2026-10-07) |
| Change over 1 year | +$35.0B | +$161.0B |
| Role in the DLI | Not an input (shown for context) | Input, Policy / Reserves group |
| Source | Official public series, computed by DollarLiquidity.com | FRED · WALCL |
Both lines share one axis and unit.
The arithmetic links them: net liquidity = Fed total assets − TGA − ON RRP. A change in the Fed's assets, through purchases, runoff or lending, moves both series by the same amount. A change in the TGA or ON RRP moves only net liquidity.
The Fed publishes its total assets weekly, as of each Wednesday. Net liquidity on this site is daily, on the dates the Treasury reports the TGA, with the latest available balance-sheet and ON RRP readings carried forward between releases.
Quantitative tightening is the clearest case. In 2023 and 2024 the Fed's assets fell steadily while ON RRP drained from its 2022–23 peak toward zero; the cash leaving ON RRP offset much of the runoff, so net liquidity fell far less than the balance sheet.
The TGA adds swings of its own. Around tax dates and debt-limit episodes it can move by hundreds of billions of dollars within weeks, moving net liquidity while the balance sheet barely changes.
Over the year to these dates, net liquidity changed by +$35.0B and the Fed's total assets by +$161.0B.