Free indicator · updated daily
Fed Net Liquidity
The Federal Reserve’s balance sheet minus the cash parked in the Treasury General Account and the reverse repo facility: a simple measure of how much Fed money is reaching markets.
How it’s calculated
Fed Net Liquidity = Fed balance sheet − Treasury General Account − overnight reverse repo. The balance sheet (FRED WALCL) is everything the Fed holds. The Treasury General Account (WDTGAL) is the government’s cash at the Fed, and the reverse repo facility (RRPONTSYD) is cash that money funds park at the Fed. Money in either of those isn’t available to markets, so it’s taken off.
| Fed balance sheet (WALCL) | US$6.75 trillion |
| minus Treasury General Account (WDTGAL) | −US$1.02 trillion |
| minus overnight reverse repo (RRPONTSYD) | −US$4 billion |
| Fed Net Liquidity, 30 Oct 2026 | US$5.73 trillion |
Recent readings
| Week to | Net liquidity | Balance sheet | Treasury account | Reverse repo |
|---|---|---|---|---|
| 30 Oct 2026 | 5.726 | 6.746 | 1.016 | 0.004 |
| 23 Oct 2026 | 5.808 | 6.754 | 0.945 | 0.000 |
| 16 Oct 2026 | 5.870 | 6.756 | 0.886 | 0.000 |
| 9 Oct 2026 | 5.861 | 6.748 | 0.886 | 0.000 |
| 2 Oct 2026 | 5.757 | 6.743 | 0.984 | 0.002 |
| 25 Sep 2026 | 5.800 | 6.748 | 0.947 | 0.001 |
| 18 Sep 2026 | 5.754 | 6.747 | 0.992 | 0.001 |
| 11 Sep 2026 | 5.892 | 6.741 | 0.844 | 0.005 |
In US$ trillions. The balance sheet and the Treasury account are weekly (Wednesday); reverse repos are daily. Download the full history (CSV).
Why it matters
When Fed net liquidity rises, more central bank money is sitting in the banking system and markets, and when it falls, money is being drained by quantitative tightening, a rising Treasury cash balance or reverse repos. Many investors watch it next to equity and crypto prices. The relationship is loose and isn’t a forecast.
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Questions
What is Fed net liquidity now?
As of 30 October 2026, Fed net liquidity is US$5.73 trillion: the Fed’s balance sheet of US$6.75 trillion minus US$1.02 trillion in the Treasury General Account and US$4 billion in overnight reverse repos. That’s up 2.5% on a year earlier.
How is Fed net liquidity calculated?
Fed balance sheet (WALCL) minus the Treasury General Account (WDTGAL) minus the overnight reverse repo facility (RRPONTSYD), all from FRED.
Why does the Treasury General Account reduce liquidity?
The TGA is the US government’s cash account at the Fed. When it rises, for example after tax receipts or heavy bond sales, money moves out of banks and markets and into the Treasury’s account, where it can’t be lent or invested.
What does the reverse repo facility have to do with it?
Money market funds can lend cash to the Fed overnight through the reverse repo facility. While it sits there it isn’t funding anything else, so it’s subtracted.
How often does it update?
Daily. The balance sheet and the Treasury account are weekly (Wednesday levels, published on Thursday afternoon), and reverse repos are published every business day.
Is it free?
Yes, with no account. Pro adds bank reserves, the repo facility, lending facilities, policy rates and the global picture behind it, free for 10 days.
Fed Net Liquidity is free. Pro adds the rest of the Fed’s plumbing (bank reserves, the repo facility, discount window and lending facilities, policy rates and the SOFR spreads) plus the Global Liquidity Index behind it, 112 charts in all. Free for 10 days.
Start free trialGeneral information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.