Knowledge Center
Structured indicator explainers with methodology context in one place.
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The pillar guide: how the four channels — Fed balance sheet, TGA, ONRRP, and credit/risk pricing — combine into a single dollar-liquidity regime, and how to read it.
Read the pillar guide →
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Learn how TGA Balance affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
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Learn how Fed BS Size affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
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Learn how ON RRP affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
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Learn how SOFR-IORB affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how SRF Usage affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how VIX affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
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Learn how HY Spread affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
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Learn how 10Y Real Yield affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Dollar Index affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Cash Buffer affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Net Liquidity affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Reserve Buffer affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Bank Reserves affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Fed Swap Lines affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how CP–T-bill Spread affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how Foreign US Treasuries affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how ECB BS affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how BoJ BS affects US dollar liquidity and risk assets — with interpretation guidance and practical tips.
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Learn how M2 Supply affects US dollar liquidity and risk assets — with historical examples, data thresholds, and practical interpretation steps.
Methodology Essentials
The site tracks 19 indicators; 10 feed the DLI dashboard across 4 tiers. The headline score is driven by the net-liquidity flow (Fed balance sheet, TGA, ON RRP) and a funding-stress override (SOFR-IORB, SRF); the Credit/Intermediation and Risk/Price tiers are shown as context panels, not in the headline. The DLI is a coincident, slow-moving liquidity *stance* gauge — not a crisis detector.
Net Liquidity, M2, the reserve buffer, and offshore funding gauges are tracked for context. The DLI headline is driven by the net-liquidity flow (Fed balance sheet - TGA - ON RRP) plus a funding-stress override; credit and market-risk tiers are context, not headline inputs.
| Tier | Role | Indicators |
|---|---|---|
| Policy / Reserves | Headline | Fed BS Size, TGA Balance, ON RRP |
| Funding / Plumbing | Headline | SOFR-IORB, SRF Usage |
| Credit / Intermediation | Context | Cash Buffer, HY Spread |
| Risk / Price | Context | VIX, Dollar Index, 10Y Real Yield |
Loose
Neutral
Tight