§ Dashboard · Liquidity
Net liquidity.
Fed balance sheet − Treasury General Account − Reverse Repo.
Regime · DRAININGDirection · ▼ 1.27% · 30dUpdated · Daily · FRED
Net LiqDRAINING
$5.79T
▼ 1.27% · 30d
Fed Sheet
$6.75T
▲ $3B · last wk
TGA
$957B
▲ $77B · 30d
RRP
$125M
≈ Exhausted
§ 01 · 3-Year Track
Net liquidity vs S&P 500
1Y3Y5YMAX
Net LiquidityS&P 500 (rebased)CORR · -0.45
§ 02 · Component Decomp
What is actually moving
LAST 30D · Δ $B
| Component | Direction | Δ 30d | Δ 90d | Δ 1Y |
|---|---|---|---|---|
| Fed balance sheet | EXPANDING | +$585M | -$422M | +$175B |
| TGA | REFILLING | +$77B | +$50B | +$16B |
| RRP facility | EXHAUSTED | -$289M | -$1B | -$13B |
| Bank reserves | — | -$100B | -$63B | +$68B |
| NET LIQUIDITY | DRAINING | -$74B | -$49B | +$172B |
§ 03 · What It Means
The desk interpretation
◇ Tide Out
The tide is going out, and the Treasury is holding the drain
Net liquidity stood at $5.75T as of 28 October, down $56B over seven days and down $37B over 30 days. The Fed is not doing this. The Treasury is.
The equation is three inputs and a subtraction sign: Fed balance sheet minus TGA minus RRP. The balance sheet (WALCL) is $6.75T, the TGA is $1,000B ($1T), and the RRP is $176M. That is 6.75 - 1.00 - 0.000176, about $5.75T.
What moved
Nov 2, 2026
§ 04 · Upcoming Catalysts
Liquidity calendar
| Date | Event | Expected Δ liquidity | Our read | Impact |
|---|---|---|---|---|
| Nov 11 | 10Y Treasury Note Auction | Cash out of reserves, into the TGA | Indirect bid matters more than price. A tail here is the first real tell. | MED |
| Nov 20 | November OpEx | No direct cash flow | A positioning date, not a liquidity date. | MED |
| Dec 09 | 10Y Treasury Note Auction | Cash out of reserves, into the TGA | Indirect bid matters more than price. A tail here is the first real tell. | MED |
| Dec 09 | FOMC Meeting | Sets the QT pace | MBS runoff unchanged. The Treasury cap is the dial to watch. | HIGH |
| Dec 18 | December OpEx | No direct cash flow | A positioning date, not a liquidity date. | MED |