Net liquidity = Fed balance sheet (WALCL) − Treasury General Account (TGA) − Overnight Reverse Repo (ON RRP). It estimates the cash actually available to the banking system and risk markets: total Fed assets minus the money parked at the Treasury's checking account and sterilized in the reverse-repo facility. The three components publish on FRED as WALCL, WTREGEN (weekly) / TGA daily from the Treasury, and RRPONTSYD.

Take the Fed's total assets (WALCL, weekly, in $ millions), subtract the TGA balance (Treasury cash held at the Fed — money withdrawn from the private system), then subtract the ON RRP balance (money-market cash parked at the Fed overnight). All three are public, so the series can be rebuilt from FRED data alone; DollarLiquidity.com computes it daily and serves the full history for free via /api/series/net-liquidity.

When net liquidity rises (Fed assets grow, or TGA/ON RRP drain), reserves flow into banks and dealers, funding conditions ease, and risk assets tend to get a bid; when it falls, collateral and funding tighten. It became a popular S&P 500 overlay in the 2021–2022 QT debate. It is a regime-level gauge, not a day-trading signal — daily co-movement is weak and the relationship is strongest around turning points in the trend.

Net liquidity is a raw dollar level (in $ trillions). The DLI Liquidity Score on DollarLiquidity.com converts its FLOW (roughly a smoothed 6-month-equivalent change) into a 0–100 state score and overlays acute funding stress (SOFR−IORB spread, SRF usage). The level chart answers "how much cash is in the system"; the DLI answers "is liquidity being added or drained right now, and is funding stressed."

This page shows the latest net liquidity reading, updated every 6 hours from FRED data, with a full 10-year history chart, percentile context, and a free JSON API (no key required) at dollarliquidity.com/api/series/net-liquidity.