Liquidity Lens
Three independent readings of dollar liquidity, side by side. Quantity asks how much is in the system. Price asks what it costs. Structure asks how fast it moves and where. None of the three folds into the other — that is deliberate. For the single 0-100 headline score, see the DLI on the home page.
Is the pool getting bigger or smaller, and how thick is the cushion.
Flat
Expanding
Flat
Contracting
6-month flow
Data as of: 2026-08-26
What money costs right now, and which way the market is pricing it.
Pricing Hikes
Pricing Cuts
Neutral
Pricing Hikes
2Y − EFFR
Data as of: 2026-08-26
How fast cash moves between the Fed, the Treasury, and the banking system — and whether stress is stratifying by credit tier.
Draining
Injecting
Flat
Draining
TGA flow (6m-equiv)
Data as of: 2026-08-26
Where the slow layer (Quantity + long-end Price) and the fast layer (Structure’s fiscal pulse) currently sit, together.
Tightening · Draining. Both layers are pulling the same way right now. Structural +0.07 · fiscal -0.16 $T/6m.
Liquidity Lens is a separate product from the DLI headline. Nothing here feeds the DLI score, and the DLI never feeds it. Three axes, read independently:
Quantity is the slow variable: the Fed balance sheet’s own trend (an EWMA-smoothed six-month-equivalent slope), how thick the reserve cushion is relative to bank deposits, and whether Standing Repo Facility usage has become a recurring feature rather than a one-off — the marker that tightening has moved from the balance sheet onto the real plumbing.
Price never ranks a nominal yield level against its own history with a fixed-window percentile — whichever window length is chosen, that pins the post-2021 regime break at an extreme (the DLI methodology has its own empirical finding on this). Every Price reading here is either a spread (already self-relativizing) or a trend (an anchor-free slope), with one exception: the term premium’s level band, allowed because it is a model-estimated risk premium that mean-reverts, not a policy rate that moved from near zero to 5%+ in a single regime break.
Structure is the fast variable: the Treasury General Account’s own flow, the ON RRP balance relative to its recent range, and whether liquidity is stratifying by tier. CP–T-bill and HY–IG show credit-market layering. The H.8 bank-cash gap compares cash/assets at the top 25 domestic banks with the rest; a wider gap means the largest banks hold the thicker cushion. All three are smoothed before classification so routine noise does not toggle the state.
The 3×3 matrix below is a pair, not a score: it shows the structural posture (Quantity + long-end Price, combined only when they agree in direction) against the tactical pulse (Structure’s fiscal reading). The two axes are never added into one number — that collapsing is exactly what the DLI headline already does, on the home page.
Because a single score has to pick a side when the layers disagree — a Fed balance sheet still contracting while the Treasury releases cash for a few months (2023’s debt-ceiling shape) is a real, tradeable state that a single 0-100 number cannot represent without erasing one side of it. Liquidity Lens keeps the three readings side by side on purpose.
No. Liquidity Lens is a separate product. Nothing computed here feeds the DLI headline on the home page, and the DLI’s own computation never reaches this page. The two read some of the same underlying series, but they never combine.
Quantity measures how much liquidity is in the system and whether the pool is growing or shrinking. Price measures what that liquidity costs right now, from the short end to the long end. Structure measures how fast cash is moving between the Fed, the Treasury, and the banking system, and whether credit-market stress is concentrating in weaker tiers.
Every six hours, on the same refresh cycle as the rest of the site’s indicator data.
Data as of: 2026-08-26 · Live JSON: /api/lens