Every chart in Liquidity Dashboard

Federal Reserve & US economy 54 charts

Also free on this tab: the Global Liquidity Index.

CENTRAL BANK/MARKET LIQUIDITY

Balance Sheet

• Fed Net Liquidity Free
  Fed balance sheet minus the Treasury General Account minus overnight reverse repo. Free for everyone.
• Fed Balance Sheet Free latest value
  Total assets held by the Federal Reserve.
• Overnight Reverse Repo Pro latest value
  Cash parked at the Fed overnight through reverse repo.
• Standing Repo Facility Pro latest value
  Overnight Fed loans to banks against Treasuries. Rising use can point to funding stress.
• Bank Reserves Pro latest value
  Reserve balances banks hold at the Fed.
• Fed Net Liquidity (Broad) Pro
  Fed Net Liquidity plus BTFP and discount window lending.

Lending Facilities

• Bank Term Funding Program (Net) Pro
  Fed emergency lending set up in the March 2023 bank stress. Closed in March 2024, so the line is flat at its last value.
• Discount Window Primary Credit Pro
  Weekly discount window loans to banks. Rises when banks are short of funding.

Policy Rates

• Fed Funds Rate Pro
  Fed funds rate. Board of Governors series, back to 1954.
• Effective Fed Funds Rate (EFFR) Pro latest value
  New York Fed effective fed funds rate, since 2000. Used in the SOFR spread below.
• Interest on Reserve Balances Pro
  Interest the Fed pays on bank reserves. Fed funds trades around it.
• SOFR Pro latest value
  Secured Overnight Financing Rate. Replaced LIBOR.
• SOFR − EFFR Spread Pro
  SOFR minus EFFR. A rising spread points to repo stress, as in September 2019.
• SOFR − 2-Year Treasury Spread Pro latest value
  SOFR minus the 2-year Treasury yield, weekly average. Above zero (Loose), 2-year yields sit below the overnight rate, so markets expect cuts. Below zero (Tight), they expect rates to hold or rise. It sank deep into Tight before the 2022 sell-off. The dashed line lays 2024–26 over 2020–23 to compare the two cycles.
• Fed Funds Target Rate (Upper Bound) Pro
  Upper bound of the FOMC target range. Actual history, not a forecast.

Money Supply

• M2 Money Stock Pro latest value
  Broad money supply, not adjusted for inflation.
• Real M2 Money Stock Pro
  M2 adjusted for inflation.
• M2 Money Stock (YoY) Pro
  M2 growth, year over year.

Conditions & Momentum

• Financial Conditions Pro latest value
  Chicago Fed index. Below zero means looser than average.
• Liquidity Impulse Pro
  13-week % change in Fed Net Liquidity. Positive means liquidity is being added, negative means it is draining.

Global Liquidity (CrossBorder Capital)

• Global Liquidity: Estimate vs CrossBorder Flash Pro
  Our Global Liquidity estimate against CrossBorder Capital's weekly Flash. Formula: 18.56 + 1.40 × central bank liquidity + 1.94 × G7 and China government debt, fitted to CrossBorder's 2011 to 2026 figures. Tested out of sample, its average miss against their monthly figures in 2024 to 2026 was about $1T (0.6%). It can miss week-to-week moves because CrossBorder values collateral at market prices.
• Global Liquidity "Full" Pro
  CrossBorder Capital's monthly Global Liquidity index: central bank and private liquidity across about 90 countries. Monthly, with weekly readings for the latest month. Updated by hand from their research.
• Global Liquidity "Flash" Pro
  CrossBorder Capital's weekly Flash: the five main central banks plus G7 and China collateral. Updated by hand from their research. Covers two separate periods, not a continuous run.
• Shadow Monetary Base Pro
  CrossBorder Capital's Shadow Monetary Base: central bank liquidity plus collateral (government bonds), the base global liquidity is built on. Monthly, with weekly readings for the latest month. Updated by hand from their research.
• Collateral Multiplier Pro
  CrossBorder Capital's Collateral Multiplier: liquidity created per dollar of Treasury and agency collateral in repo markets. Monthly, with weekly readings for the latest month. Updated by hand from their research.

Government

Fiscal

• Treasury General Account Pro latest value
  The Treasury's account at the Fed. Drains liquidity as it rises. Subtracted in Fed Net Liquidity.
• Federal Debt (% of GDP) Pro
  Total federal debt as a % of GDP. Quarterly.
• Debt Maturity Wall Pro
  Advanced economies: the change in annual debt roll, meaning how much more (or less) debt has to be refinanced each year than the year before, US$ billions. Red bars are projections. A bigger roll needs more liquidity to absorb it. Read off a published chart (about ±$50bn); 2021 runs off that chart and is at least −$1,900bn.
• US Debt / Liquidity Pro
  US total nonfinancial debt (government, households and businesses) divided by liquidity: M2 plus banks’ reserves at the Fed. Above 300% (about its average since 1959) there’s a lot of debt to refinance for the money available; below it, liquidity is ample. Shaded: past crises. Quarterly, from FRED; not adjusted for when the debt matures.

Yields & Curve

• 2-Year Treasury Yield Pro latest value
  Tracks expected policy rates over the next two years.
• 10Y–2Y Yield Curve Pro latest value
  Below zero means the curve is inverted, which has often come before recessions.
• 10Y–3M Yield Curve Pro latest value
  The New York Fed's preferred inversion measure.
• 10-Year Breakeven Inflation Pro
  Average inflation priced by the bond market over the next 10 years.
• 10-Year Real Yield (TIPS) Pro
  10-year TIPS yield: the inflation-adjusted rate.
• Nominal GDP Growth vs 10-Year Yield Pro
  Nominal GDP growth (4-year average) against the 10-year Treasury yield. Over time the yield tends to track nominal growth. Based on a CrossBorder Capital chart, which also strips out term premia.

Live Yields

• 10-Year Treasury Yield (Live) Pro
  10-year Treasury yield (CBOE ^TNX).
• 30-Year Treasury Yield (Live) Pro
  30-year Treasury yield (CBOE ^TYX).
• 13-Week T-Bill Yield (Live) Pro
  13-week T-bill yield (CBOE ^IRX).

Economy

Inflation

• CPI Inflation (YoY) Pro latest value
  Headline CPI, year over year.
• PCE Inflation (YoY) Pro
  The Fed's preferred inflation measure, year over year.
• Core PCE Inflation (YoY) Pro
  PCE excluding food and energy, year over year.

Labor Market

• Unemployment Rate Pro latest value
  Headline U-3 unemployment rate.
• All Employees, Total Nonfarm Pro
  Total US nonfarm payrolls, seasonally adjusted.
• Initial Jobless Claims Pro
  Weekly new unemployment claims, seasonally adjusted.

Credit

• Bank Credit: Loans & Leases Pro
  Loans and leases at US commercial banks. Bank credit, separate from central bank liquidity.
• High Yield Credit Spread Pro
  High yield bond spread over Treasuries. Widens under stress.
• Investment Grade Credit Spread Pro
  Investment grade corporate bond spread over Treasuries.
• BBB Credit Spread Pro
  Spread on BBB bonds, the lowest investment grade rating. Often moves first.

Growth & Sentiment

• Real GDP Pro
  Inflation-adjusted GDP, chained 2017 dollars. Quarterly.
• Nominal GDP (YoY) Pro
  Nominal GDP, year over year. Not adjusted for inflation.
• Consumer Sentiment Pro
  University of Michigan consumer sentiment. Monthly.
• Industrial Production: Manufacturing (NAICS) Pro
  US manufacturing output index (2017 = 100). Monthly.
• ISM Manufacturing PMI Pro
  Institute for Supply Management survey of US factory purchasing managers. Above 50 means manufacturing is expanding, below 50 contracting (dashed line). Out on the first business day of each month.
• Philly Fed Manufacturing Pro
  Philadelphia Fed manufacturing survey (above 0 = expanding). Out mid-month, so an early read on the ISM PMI. Monthly.

European Central Bank & eurozone economy 6 charts

European Central Bank

• ECB Total Assets Free
  ECB total assets, in euros (not converted to USD).
• ECB Deposit Facility Rate Pro
  The ECB's main policy rate.
• ECB Main Refinancing Rate Pro
  Rate on the ECB's weekly main refinancing operations.
• Eurozone Inflation (HICP, YoY) Pro
  Euro area HICP inflation, year over year. The ECB targets 2%.
• Eurozone Real GDP (YoY) Pro
  Euro area real GDP, year over year. Quarterly.
• German 10-Year Bund Yield Pro
  10-year German Bund yield, monthly average. The euro area benchmark.

Bank of England & UK economy 4 charts

Bank of England

• UK SONIA Rate Pro
  Sterling Overnight Index Average. Tracks Bank Rate closely, which isn't available live on FRED.
• UK 10-Year Gilt Yield Free
  10-year gilt yield, monthly average.
• UK Unemployment Rate Pro
  UK unemployment rate, ages 15+, monthly (OECD).
• UK Real GDP (YoY) Pro
  UK real GDP, year over year. Quarterly.

Bank of Japan & Japanese economy 5 charts

Bank of Japan

• BOJ Total Assets Pro
  Bank of Japan total assets, in yen. The USD figure uses the latest USD/JPY rate.
• Japan Call Money Rate Pro
  Japan's overnight call rate, monthly average. Steered by the BoJ.
• Japan 10-Year JGB Yield Free
  10-year JGB yield, monthly average.
• Japan Unemployment Rate Pro
  Japan unemployment rate, ages 15+, monthly (OECD).
• Japan Real GDP (YoY) Pro
  Japan real GDP, year over year. Quarterly.

People's Bank of China & Chinese economy 10 charts

People's Bank of China

• China M2 Money Supply Pro
  China M2 money supply. PBoC levels from chinadata.live (checked against PBoC reports). When the PBoC figure is late, the latest months are worked out from the official year-on-year growth rate and marked "estimate". The USD figure uses the latest rate.
• China GDP Growth Rate Free
  China real GDP growth, year over year, each quarter. NBS via chinadata.live.
• China CPI (YoY) Pro
  China consumer price inflation, year over year, each month. NBS via chinadata.live.
• China FX Reserves Pro
  China's official FX reserves (SAFE), in IMF SDRs as published.
• China Govt Budget Expenditure Pro
  China government budget spending, year to date. Resets each January. NBS via chinadata.live.
• China Manufacturing PMI Pro
  China official manufacturing PMI (NBS). Above 50 means expansion.
• China New Yuan Loans Pro
  New yuan bank loans in the month. Can be negative in heavy repayment months. PBoC via chinadata.live.
• RMB/USD Reference Rate Pro
  The PBoC's monthly RMB/USD reference rate. The live market rate is in FX & Currencies.
• China Urban Unemployment Rate Pro
  China urban surveyed unemployment rate (NBS).
• China Total Social Financing Pro
  Total Social Financing stock: bank loans plus non-bank credit to China's economy. Used as a proxy for China debt.

Macro markets: equities, vol, commodities, FX 19 charts

Live Markets

• US Dollar Index Pro
  ICE US Dollar Index.
• Bitcoin Pro
  Bitcoin in US dollars.
• S&P 500 (Live) Free
  S&P 500 index.
• Nasdaq 100 Pro
  Nasdaq-100 index: the 100 largest non-financial companies listed on the Nasdaq, heavy in technology.
• VIX (Live) Pro
  CBOE Volatility Index.
• Gold Futures Pro
  COMEX gold futures, front month, $ per troy ounce.

Volatility

• VIX 9-Day Pro
  CBOE 9-day volatility index.
• VIX 3-Month Pro
  CBOE 3-month S&P 500 volatility index.
• VIX 6-Month Pro
  CBOE 6-month S&P 500 volatility index.
• MOVE Index (Bond Volatility) Pro
  ICE BofA MOVE Index: implied volatility on 1-month options on 2, 5, 10 and 30-year US Treasuries. The bond market's VIX. Higher means a more nervous bond market and, per CrossBorder Capital, a lower collateral multiplier.

Geopolitical & Global

• Copper Futures Pro
  COMEX copper futures, front month, $ per pound.
• Crude Oil (Brent) Pro
  Brent crude futures, front month, $ per barrel.
• Copper/Gold Ratio (×1000) Pro
  Copper price over gold price, ×1000. Rising means markets favour growth over safety.

FX & Currencies

• EUR/USD Pro
  Euro vs US dollar.
• GBP/USD Pro
  British pound vs US dollar.
• USD/JPY Pro
  US dollar vs Japanese yen.
• USD/CNY Pro
  US dollar vs Chinese yuan.
• AUD/USD Pro
  Australian dollar vs US dollar.
• USD/CHF Pro
  US dollar vs Swiss franc.

Iran War Oil Activity: Middle East oil exports 14 charts

Iran War Oil Activity

Middle East exports

• Middle East Oil Exports Pro
  Weekly seaborne oil exports from the Middle East, million barrels per day, from Vortexa tanker tracking. Read off Vortexa's published chart (about ±0.1m b/d). Updated by hand.

Oil & gas prices

• Brent Crude Oil (Spot) Free
  Brent spot price, $ per barrel, daily. EIA via FRED, a few days behind.
• WTI Crude Oil (Spot) Pro
  WTI spot price at Cushing, $ per barrel, daily. EIA via FRED.
• Brent − WTI Spread Pro
  Brent minus WTI, $ per barrel. Tends to widen when Middle East supply is at risk.
• European Gas (Dutch TTF) Pro
  Dutch TTF gas futures, front month, € per MWh. Qatar's LNG exports pass through the Strait of Hormuz.
• US Petrol Price (Regular) Pro
  US average retail price of regular gasoline, $ per gallon, weekly. EIA via FRED.

Markets & shipping

• Oil Volatility Index (OVX) Pro
  Cboe crude oil volatility index. Jumps on supply scares.
• Frontline (Tanker Shares) Pro
  Frontline share price. A large crude tanker owner, used as a rough stand-in for tanker rates.
• DHT Holdings (Tanker Shares) Pro
  DHT Holdings share price. Owns VLCCs, the ships that carry Gulf crude.

US oil stocks (weekly)

• US Crude & Petroleum Product Stocks Pro
  Total US crude and product stocks including the SPR, million barrels, weekly (EIA).
• US Commercial Crude Stocks (ex SPR) Pro
  US commercial crude stocks excluding the SPR, weekly (EIA). The inventory number markets watch each Wednesday.
• US Strategic Petroleum Reserve Pro
  Crude held in the US Strategic Petroleum Reserve, weekly (EIA).

Currencies

• USD/ILS (Israeli Shekel) Pro
  Shekels per US dollar. Rising means a weaker shekel.
• USD/IRR (Iranian Rial) Pro
  Iranian rials per US dollar. Rising means a weaker rial. Until early 2026 this showed the official rate (about 42,000); since then it tracks the open market rate (over 1 million), so the 2026 jump is partly a change of measure.