Definition
A normalized measure showing how far a current value is from its rolling baseline. Used as a display format on indicator pages; the DLI headline itself is built from the net-liquidity flow plus a funding-stress override, not from z-scores.
Z-scores appear on individual indicator detail pages as a familiar magnitude framing. Per-indicator z = (Value − Median) / (1.4826 × MAD) over a rolling 10-year baseline, winsorized to [-4, +4]. NOTE: the DLI headline is not built from these z-scores — it is driven by the net-liquidity flow (Fed balance sheet − TGA − ON RRP) plus a funding-stress override (SOFR-IORB, SRF). The z-score readout on indicator pages is a UI convenience for gauging how stretched a single series is, not a DLI input. Z above ±1.0 is notable; above ±2.0 is extreme.