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.
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Live answers
Peak, trough and current pace of the Fed balance-sheet runoff.
Balance sheet, net liquidity and M2 — which are rising right now.
The pool versus the plumbing, and why they fail in different ways.
Quantity, Price, Structure—and why disagreement is the signal.
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The US Treasury's primary cash balance held at the Federal Reserve. Rising TGA drains liquidity from the private sector; falling TGA injects it.
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Total financial assets held by the Federal Reserve (WALCL), including Treasuries and MBS. Expansion = more liquidity; contraction = less.
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A Fed facility where institutions park excess cash overnight.
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The spread between SOFR, the New York Fed's daily rate on overnight repo loans backed by Treasuries, and IORB, the rate the Fed pays banks on reserves.
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A Fed backstop facility that provides overnight repo funding to primary dealers and eligible banks, acting as a ceiling for repo rates.
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The CBOE Volatility Index measures expected 30-day S&P 500 volatility from options prices. Often called the "fear gauge."
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The option-adjusted yield spread between junk bonds and Treasuries. Wider spreads signal credit stress; tighter spreads signal confidence.
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The yield on 10-year Treasury Inflation-Protected Securities — the "true" cost of borrowing after adjusting for expected inflation.
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A trade-weighted index measuring the USD against a broad basket of currencies. A stronger dollar typically tightens global liquidity.
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The ratio of commercial bank cash assets to total assets. Measures how much liquidity banks are holding in reserve.
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The metric first divides cash assets by total assets within each bank group, then subtracts the small-bank ratio from the large-bank ratio.
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A computed indicator: Fed Balance Sheet minus TGA minus ONRRP. Represents the net liquidity available to the private financial system.
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Bank reserves plus ON RRP as a share of total commercial-bank assets — the banking system's cash cushion.
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Reserve balances held by depository institutions at the Federal Reserve, in trillions of USD.
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Dollars that foreign central banks have drawn from the Fed through its liquidity swap lines, as reported weekly in the H.4.1 release (SWPT).
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A standing Fed facility that lets foreign central banks borrow dollars overnight against their US Treasury holdings instead of selling those Treasuries.
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The overnight reverse repo facility the New York Fed runs for foreign central banks, where they park surplus dollar reserves at an administered rate.
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90-day AA financial commercial paper rate minus 3-month Treasury Bill rate.
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Federal debt held by foreign and international investors. Long-run reference for offshore demand for US dollar assets.
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Eurosystem total assets, weekly, in millions of EUR.
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Bank of Japan total assets, monthly, in billions of JPY.
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The broad US money supply measure including cash, checking deposits, savings, and money market funds.
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Debt to the Penny — total public debt outstanding, published daily by the US Treasury.
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Federal government current expenditures on interest, from the BEA national accounts.
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The Monthly Treasury Statement bottom line. The sign is the source's: a NEGATIVE value is a deficit, a positive one a surplus.
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Total public debt as a percent of GDP.
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The Effective Federal Funds Rate (EFFR) is the volume-weighted median rate on overnight unsecured fed funds loans.
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The 1-Year Treasury Constant Maturity Rate, interpolated daily from the Treasury's par yield curve (H.15 release).
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The 2-Year Treasury Constant Maturity Rate, published daily by the Treasury (business days only; no print on weekends or holidays).
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The 10-Year Treasury Constant Maturity Rate, the Treasury's benchmark nominal long-end yield, interpolated daily off the par yield curve.
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The extra compensation investors require to hold a long-term bond instead of repeatedly rolling short-term bonds over the same horizon.
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The extra yield investment-grade US corporate bonds pay over comparable Treasuries: the option-adjusted spread of the ICE BofA US Corporate Index.
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Treasury bills maturing within one year as a percentage of total marketable US Treasury debt outstanding.
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The average interest rate Treasury reports each month on its marketable debt outstanding (bills, notes, bonds, TIPS and FRNs).
Methodology Essentials
The site tracks 34 indicators; 12 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, and most offshore gauges are tracked for context. The DLI headline is driven by the net-liquidity flow (Fed balance sheet - TGA - ON RRP), a reserve-scarcity stock leg, and a funding-stress override (SOFR-IORB, SRF, rising Fed swap lines); credit and market-risk tiers are context, not headline inputs.
| Tier | Role | Indicators |
|---|---|---|
| Policy / Reserves | Headline | Fed BS Size, TGA Balance, ON RRP, Reserve Buffer |
| Funding / Plumbing | Headline | SOFR-IORB, SRF Usage, Fed Swap Lines |
| Credit / Intermediation | Context | Cash Buffer, HY Spread |
| Risk / Price | Context | VIX, Dollar Index, 10Y Real Yield |
Loose
Neutral
Tight