Definition
The US Treasury's primary cash balance held at the Federal Reserve. Rising TGA drains liquidity from the private sector; falling TGA injects it.
The TGA fluctuates due to government spending, tax receipts, and bond issuance. Major TGA events include debt ceiling episodes (TGA near zero) and post-resolution rebuilds ($500B+ in weeks). TGA is part of the Policy/Reserves tier (30% weight) in our 4-tier DLI scoring model. Historical range: $0–$1.8T. Typical range: $200B–$800B.