Definition
A split between the Fed balance sheet’s slower policy-driven flow and faster cash movements caused by the Treasury General Account and ON RRP.
On DollarLiquidity.com, structural flow is the smoothed six-month-equivalent change in the Fed balance sheet. Tactical flow is the same transform applied to the liquidity released or absorbed by TGA and ON RRP movements. The two components add back to the net-liquidity flow. Reading them separately explains disagreement states such as QT continuing while a debt-ceiling TGA drawdown temporarily injects cash. They are contemporaneous decomposition axes, not forecasts; Liquidity Lens pairs posture with pulse instead of adding them into another headline score.