Data Indicators

WALCL — Federal Reserve Total Assets, weekly frequency.

US Treasury General Account (TGA) balance — daily Treasury cash balance, a core US dollar liquidity and market liquidity indicator.

RRPONTSYD — Overnight Reverse Repo balance (FRED). One of the three net-liquidity components (Fed balance sheet − TGA − ON RRP): cash parked here is sterilized out of the banking system, so a falling ON RRP balance releases liquidity back into reserves (supportive) while a rising balance absorbs it (tightening).

SOFR minus IORB — positive spread signals funding stress.

Daily aggregate of accepted SRF operations from NY Fed.

FRED H.8 weekly: Cash Assets / Total Assets for commercial banks.

BAMLH0A0HYM2 — ICE BofA US High Yield Option-Adjusted Spread.

VIXCLS — S&P 500 implied volatility (CBOE).

DTWEXBGS — Nominal Broad U.S. Dollar Index.

DFII10 — 10-Year Treasury Inflation-Indexed Security.

Fed Total Assets − TGA − Reverse Repo. A composite measure of system liquidity.

WRESBAL — reserve balances held by depository institutions at the Federal Reserve, in trillions of USD. The raw cash level of the banking system, and the number market participants watch for "reserve scarcity" (the level fell from a ~$4.3T peak toward ~$3T as QT drained it). Display-only context, NOT in the DLI score: the headline tracks the net-liquidity FLOW (is liquidity being added or drained now), and reserves enter that flow via WALCL − TGA − ON RRP. The absolute level is shown here because it is the figure traders quote, while the reserve-buffer ratio normalizes it against bank assets. A reserve LEVEL was deliberately kept out of the score — it anti-tracks financial conditions in an ample regime.

Bank reserves plus ON RRP as a share of total commercial-bank assets — the banking system's cash cushion. Display-only context, NOT in the DLI score: the headline tracks the net-liquidity FLOW (is liquidity being added or drained now), while this shows the structural buffer LEVEL behind it. A falling ratio (TGA refills, ON RRP exhausted, reserves sliding) means a thinner margin of safety even when the flow reads loose. It halved from ~26% (2021-22) to ~12% (2026).

WM2NS — US M2 Money Stock (weekly, not seasonally adjusted). Broad measure of the money supply including cash, checking deposits, and near-money.

SWPT — Central bank liquidity swap outstanding from H.4.1. When non-zero, foreign central banks (ECB/BoJ/BoE/SNB/BoC) are drawing USD that the private market cannot supply — a revealed offshore dollar shortage.

DCPF3M − DTB3 — 90-day AA financial commercial paper rate minus 3-month Treasury Bill rate. The TED-style post-LIBOR funding-stress proxy: financial issuers include large US branches of foreign banks, so the spread carries a real offshore component. Widens at SVB-style stress events.

FDHBFIN — Federal debt held by foreign and international investors. Long-run reference for offshore demand for US dollar assets. Quarterly cadence and 1-2 quarter publication lag — context indicator, not a real-time stress signal.

ECBASSETSW — Eurosystem total assets, weekly, in millions of EUR. Aggregated as part of the global central-bank liquidity context; ECB and BoJ QE indirectly support USD-asset demand via FX-swap-funded purchases. EUR-denominated — reading USD-comparable values requires applying the prevailing EUR/USD spot, which we do not auto-convert.

JPNASSETS — Bank of Japan total assets, monthly, in billions of JPY. Tracks the world's most structurally USD-borrowing economy (Japanese lifers / banks fund US fixed-income via JPY/USD FX swaps). Monthly cadence — context indicator. JPY-denominated, no auto-currency-conversion.