Score -0.16 · P58 · 5Y
Today's Takeaway
Dollar liquidity conditions are neutral and stable. The composite score sits at the 58th percentile of its 5-year range.
Policy
Neutral
Funding
Easing
Credit
Tightening
Risk
Tightening
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.
The effective fed funds rate, the 1-, 2- and 10-year Treasury yields, and the 10-year term premium — the short end and the curve behind the site's risk/price signals. Shown for context, not directly scored.
Broader aggregates: Net Liquidity, bank reserves (the raw cash level of the banking system) and M2 are shown for context and not scored. The reserve buffer (the banking system's cash cushion) is the exception: below 14% it amplifies a draining net-liquidity flow and adds a capped scarcity term to the DLI.
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
$0.2B
FIMA Repo Facility Usage
$0.0B
Foreign Repo Pool (Foreign Official Reverse Repo)
$350.3B
CP–T-bill Spread (90D AA Financial CP minus 3M T-bill)
3.0 bps
Foreign Holdings of US Treasury Debt
$9.36T
ECB Balance Sheet (Total Assets, EUR)
€5.90T
BoJ Balance Sheet (Total Assets, JPY)
¥6447T
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