Definition
A computed indicator: Fed Balance Sheet minus TGA minus ONRRP. Represents the net liquidity available to the private financial system.
Net Liquidity = WALCL - TGA - RRPONTSYD. This formula captures the three largest levers on system liquidity in a single number. When all three move favorably (Fed expanding, TGA falling, ONRRP draining), net liquidity rises rapidly. Read it as a coincident gauge: it describes the liquidity backdrop markets trade in now and is not a forecast of where SPX or BTC go next.