Score -0.18 · P59 · 5Y
Today's Takeaway
Dollar liquidity conditions are neutral and stable. The composite score sits at the 59th percentile of its 5-year range.
Policy
Neutral
Funding
Easing
Credit
Neutral
Risk
Neutral
Fed balance sheet, TGA, and ON RRP — the three net-liquidity components that form the headline spine.
SOFR-IORB spread and SRF usage — real-time stress signals from the funding plumbing.
Bank cash buffers and high-yield spreads — how willing are intermediaries to lend?
VIX, dollar strength, and real yields — market price feedback on liquidity conditions.
Net Liquidity, bank reserves (the raw cash level of the banking system), the reserve buffer (structural cash cushion behind the flow score), and M2 — broader aggregates shown for context, not directly scored.
Fed swap-line usage, FIMA repo drawdowns and the foreign repo pool (where foreign central banks borrow dollars and where they park them), CP-Tbill funding stress, foreign Treasury holdings, ECB/BoJ balance sheets — reference indicators for offshore dollar funding and the global central-bank liquidity context. NOT included in DLI scoring.
Fed Central Bank Liquidity Swaps
$0.1B
FIMA Repo Facility Usage
$0.0B
Foreign Repo Pool (Foreign Official Reverse Repo)
$373.4B
CP–T-bill Spread (90D AA Financial CP minus 3M T-bill)
9.0 bps
Foreign Holdings of US Treasury Debt
$9.27T
ECB Balance Sheet (Total Assets, EUR)
€5.93T
BoJ Balance Sheet (Total Assets, JPY)
¥6443T
National debt, the monthly budget balance, the interest bill, and debt/GDP — the fiscal position behind Treasury issuance. Upstream of TGA and of every bill auction the funding market has to absorb, but slow-moving and published with a 2-to-250-day lag, so none of it enters the DLI score.
Data from FRED, US Treasury, NY Fed · Not financial advice