Indicator · updated with every release
Treasury General Account (TGA) today
The US government’s cash account at the Federal Reserve. When it fills up, money leaves banks and markets; when the Treasury spends it down, money flows back.
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What it is
The Treasury General Account (FRED WDTGAL, a Wednesday level) holds the cash the Treasury collects from taxes and bond sales before it spends it. It peaked at about US$1.79 trillion in July 2020. Around debt-limit standoffs the Treasury runs it down, then rebuilds it once the limit is lifted, as after the June 2023 suspension.
Why it matters for liquidity
Money in the TGA is out of the banking system. A rising TGA drains bank reserves (unless the reverse repo facility falls at the same time), and a falling TGA adds them back. That’s why it is subtracted in Fed Net Liquidity.
Questions
How much is in the Treasury General Account now?
As of 28 October 2026, US$1.02 trillion: up US$70 billion (+7.5%) on the week and up US$111 billion (+12.2%) on a year earlier.
Why does a rising TGA reduce liquidity?
When people and firms pay taxes or buy Treasury debt, money moves from their bank deposits into the government’s account at the Fed, so bank reserves fall until the Treasury spends it.
Related
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Start free trialGeneral information only, not financial advice. Data can be delayed, revised or wrong. Sources and credits.