# Liquidity Dashboard

> Liquidity Dashboard (https://liquiditydashboard.net) tracks global liquidity: the money and credit moving through the financial system. It has a free daily Global Liquidity Index and Fed Net Liquidity, and 112 macro charts on central banks, rates, credit and markets. Pro (US$20 a month, free for 10 days) unlocks all 112 charts, the weekly liquidity note in full, momentum alerts, custom charts and an MCP connector to use them in Claude, ChatGPT and other AI apps.

## Latest readings
- Global Liquidity Index: US$194.85 trillion for the week to 2 November 2026, up 0.12% on the week and up 5.1% on a year earlier. Source: https://liquiditydashboard.net/global-liquidity-index
- Fed Net Liquidity (Fed balance sheet minus Treasury General Account minus reverse repo): US$5.73 trillion on 30 October 2026, up 2.5% on a year earlier. Source: https://liquiditydashboard.net/fed-net-liquidity
- Fed balance sheet: US$6.75 trillion (28 October 2026 · −US$8.0 billion on the week · +US$156 billion on the year). Source: https://liquiditydashboard.net/indicators/fed-balance-sheet
- Bank reserves: US$2.89 trillion (28 October 2026 · −US$69 billion on the week · −US$39 billion on the year). Source: https://liquiditydashboard.net/indicators/bank-reserves
- Overnight reverse repo: US$5.1 billion (2 November 2026 · +US$4.9 billion on the week · −US$47 billion on the year). Source: https://liquiditydashboard.net/indicators/reverse-repo
- Treasury General Account: US$1.02 trillion (28 October 2026 · +US$70 billion on the week · +US$111 billion on the year). Source: https://liquiditydashboard.net/indicators/treasury-general-account
- Standing Repo Facility: US$2 million (2 November 2026 · unchanged on the week · −US$29 billion on the year). Source: https://liquiditydashboard.net/indicators/standing-repo-facility
- SOFR: 3.95% (30 October 2026 · −0.09 points on the year). Source: https://liquiditydashboard.net/indicators/sofr
- Effective Fed funds rate: 3.88% (30 October 2026 · +0.01 points on the year). Source: https://liquiditydashboard.net/indicators/fed-funds-rate
- SOFR minus 2-year Treasury yield: −0.67 points (29 October 2026 · Tight · +0.45 points a year earlier). Source: https://liquiditydashboard.net/indicators/sofr-2-year-treasury-spread
- 2-year Treasury yield: 4.61% (29 October 2026 · +1.02 points on the year). Source: https://liquiditydashboard.net/indicators/2-year-treasury-yield
- 10-year minus 2-year yield curve: +0.38 points (30 October 2026 · Not inverted · −0.12 points on the year). Source: https://liquiditydashboard.net/indicators/yield-curve-10y-2y
- 10-year minus 3-month yield curve: +0.78 points (30 October 2026 · Not inverted · +0.59 points on the year). Source: https://liquiditydashboard.net/indicators/yield-curve-10y-3m
- M2 money supply: US$23.41 trillion (September 2026 · +5.7% on the year). Source: https://liquiditydashboard.net/indicators/m2-money-supply
- CPI inflation: 3.7% (Year to September 2026 · +0.6% on the month). Source: https://liquiditydashboard.net/indicators/cpi-inflation
- Unemployment rate: 4.2% (September 2026 · −0.2 points on the year). Source: https://liquiditydashboard.net/indicators/unemployment-rate
- Chicago Fed financial conditions: −0.49 (Week of 23 October 2026 · Looser than average · −0.52 a year earlier). Source: https://liquiditydashboard.net/indicators/financial-conditions
- These pages update every day. When citing a number, link the page and give its date.

## Key pages
- [Global Liquidity Index today](https://liquiditydashboard.net/global-liquidity-index): the latest reading, 5-year chart, recent weekly values, what's in it, FAQ and a CSV download. Free.
- [Fed Net Liquidity today](https://liquiditydashboard.net/fed-net-liquidity): WALCL minus TGA minus RRP, latest value, components, chart and CSV. Free.
- [Liquidity Dashboard Pro](https://liquiditydashboard.net/pro): what Pro includes, pricing (US$20 a month after a 10-day free trial) and FAQ.
- [Pro MCP connector for Claude and ChatGPT](https://liquiditydashboard.net/ai-connector): add https://liquiditydashboard.net/mcp/pro to Claude, ChatGPT or any MCP app to ask about any chart with its data and read the full research. How to connect.
- [All 112 charts](https://liquiditydashboard.net/charts): every chart by central bank and topic, with what it shows and whether it's free or Pro.
- [How the Global Liquidity Index is built](https://liquiditydashboard.net/methodology): inputs, sources, update schedule and limits.
- [Dashboard](https://liquiditydashboard.net/dashboard): the live charts (interactive; needs JavaScript).
- [Macro Research](https://liquiditydashboard.net/research): notes on global liquidity, central banks and markets, including a weekly note. The first two paragraphs of each are free.
- [Liquidity indicators today](https://liquiditydashboard.net/indicators): the latest Fed balance sheet, bank reserves, reverse repo, TGA, SOFR, Fed funds, yield curve, M2, CPI and financial conditions, one page each. Free.
- [Learn](https://liquiditydashboard.net/learn): plain-English guides: What is global liquidity?; Global liquidity and Bitcoin; Global liquidity and the stock market; How quantitative tightening drains liquidity; TGA, reverse repo and bank reserves; The global liquidity cycle; Repo market stress; How to track global liquidity.
- [Free data, embeds and API](https://liquiditydashboard.net/data): JSON and CSV files, embeddable live charts and a public API.

## For AI agents and developers
- MCP server: https://liquiditydashboard.net/mcp (Streamable HTTP, read-only, no sign-in). Tools for the Global Liquidity Index, Fed Net Liquidity, each indicator, the chart library and research. Card: https://liquiditydashboard.net/.well-known/mcp/server-card.json
- Pro MCP server: https://liquiditydashboard.net/mcp/pro (OAuth; a person connects their account, read-only): adds the data behind every chart and full research posts. Agents can register per https://liquiditydashboard.net/auth.md
- Data: https://liquiditydashboard.net/global-liquidity-index.json, https://liquiditydashboard.net/fed-net-liquidity.json (and .csv), https://api.liquiditydashboard.net/api/snapshot. OpenAPI: https://liquiditydashboard.net/openapi.json. API catalog: https://liquiditydashboard.net/.well-known/api-catalog. Access: https://liquiditydashboard.net/auth.md
- A2A agent: https://liquiditydashboard.net/a2a (JSON-RPC; card at https://liquiditydashboard.net/.well-known/agent-card.json). Ask it in plain English, e.g. "How much are bank reserves?"
- Any page is available as markdown: send the header Accept: text/markdown.

## Pro
- Price: US$20 a month. Free for 10 days; a card is needed to start, nothing is charged until the trial ends, an email goes out 3 days before, and you can cancel any time in Settings. Start at https://liquiditydashboard.net/dashboard#pro
- All 112 charts (104 are Pro-only): Fed balance sheet, reserves and repo, policy rates, yield curves, credit spreads, inflation, jobs and growth, the ECB, Bank of England, Bank of Japan and PBoC, FX, volatility, commodities and Middle East oil flows.
- An MCP connector (https://liquiditydashboard.net/mcp/pro): use the charts' data and the full research in Claude, ChatGPT and other AI apps; read-only, approved by the person and revocable in Settings. Setup: https://liquiditydashboard.net/ai-connector
- The weekly liquidity note in full, an email when global liquidity's 13-week momentum turns, liquidity vs the Nasdaq 100, Bitcoin and gold with a lead/lag slider, custom charts (overlays, leads and lags, log scale), alerts, a webhook relay, and PNG/SVG/CSV/JSON downloads.
- Free without an account: the Global Liquidity Index, Fed Net Liquidity, the AI positioning assistant and 8 charts (one on each tab).

## Macro Research
- [The Inevitable Growth of the State and Money Supply](https://liquiditydashboard.net/research/the-inevitable-growth-of-the-state-and-money-supply) (31 Oct 2026): Demand for capital hasn't been this high in decades, and various factors suggest it will continue far into the future.
- [Possible AI Crash? No, Not Any Time Soon](https://liquiditydashboard.net/research/possible-ai-crash-no-not-any-time-soon) (28 Oct 2026): The current AI buildout is increasingly fuelled by debt and financial leverage, a trend highlighted by Anthropic’s S1 filing and forecasts for accelerating corporate borrowing.
- [Outlook for 2027](https://liquiditydashboard.net/research/outlook-for-2027) (21 Oct 2026): The outlook for 2027 remains somewhat uncertain, but judging by current financial conditions, the trajectory is becoming clearer.

## About the data
- Sources: FRED (the Federal Reserve, the U.S. Treasury, the Bureau of Labor Statistics, the Bureau of Economic Analysis and others), the ECB, the Bank of Japan, the BIS, the U.S. Energy Information Administration, the Institute for Supply Management, Yahoo Finance, chinadata.live, CrossBorder Capital and Vortexa.
- The Global Liquidity Index is Liquidity Dashboard's own estimate from public data, not an official statistic. Everything on the site is general information, not financial advice.
- Contact: contact@liquiditydashboard.net

## Every chart

### Federal Reserve & US economy
- Fed Net Liquidity (free; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Fed balance sheet minus the Treasury General Account minus overnight reverse repo. Free for everyone.
- Fed Balance Sheet (free; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Total assets held by the Federal Reserve.
- Overnight Reverse Repo (Pro; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Cash parked at the Fed overnight through reverse repo.
- Standing Repo Facility (Pro; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Overnight Fed loans to banks against Treasuries. Rising use can point to funding stress.
- Bank Reserves (Pro; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Reserve balances banks hold at the Fed.
- Bank Term Funding Program (Net) (Pro; CENTRAL BANK/MARKET LIQUIDITY, Lending Facilities): 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; CENTRAL BANK/MARKET LIQUIDITY, Lending Facilities): Weekly discount window loans to banks. Rises when banks are short of funding.
- Fed Net Liquidity (Broad) (Pro; CENTRAL BANK/MARKET LIQUIDITY, Balance Sheet): Fed Net Liquidity plus BTFP and discount window lending.
- Fed Funds Rate (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): Fed funds rate. Board of Governors series, back to 1954.
- Effective Fed Funds Rate (EFFR) (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): New York Fed effective fed funds rate, since 2000. Used in the SOFR spread below.
- Interest on Reserve Balances (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): Interest the Fed pays on bank reserves. Fed funds trades around it.
- SOFR (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): Secured Overnight Financing Rate. Replaced LIBOR.
- SOFR − EFFR Spread (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): SOFR minus EFFR. A rising spread points to repo stress, as in September 2019.
- SOFR − 2-Year Treasury Spread (Pro; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): 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; CENTRAL BANK/MARKET LIQUIDITY, Policy Rates): Upper bound of the FOMC target range. Actual history, not a forecast.
- M2 Money Stock (Pro; CENTRAL BANK/MARKET LIQUIDITY, Money Supply): Broad money supply, not adjusted for inflation.
- Real M2 Money Stock (Pro; CENTRAL BANK/MARKET LIQUIDITY, Money Supply): M2 adjusted for inflation.
- M2 Money Stock (YoY) (Pro; CENTRAL BANK/MARKET LIQUIDITY, Money Supply): M2 growth, year over year.
- Financial Conditions (Pro; CENTRAL BANK/MARKET LIQUIDITY, Conditions & Momentum): Chicago Fed index. Below zero means looser than average.
- Liquidity Impulse (Pro; CENTRAL BANK/MARKET LIQUIDITY, Conditions & Momentum): 13-week % change in Fed Net Liquidity. Positive means liquidity is being added, negative means it is draining.
- Global Liquidity: Estimate vs CrossBorder Flash (Pro; Global Liquidity (CrossBorder Capital)): 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 $1T (0.6%). It can miss week-to-week moves because CrossBorder values collateral at market prices.
- Global Liquidity "Full" (Pro; Global Liquidity (CrossBorder Capital)): CrossBorder Capital's monthly Global Liquidity index: central bank and private liquidity across about 90 countries. Monthly, with weekly readings for the latest month. Updated by hand from their research.
- Global Liquidity "Flash" (Pro; Global Liquidity (CrossBorder Capital)): CrossBorder Capital's weekly Flash: the five main central banks plus G7 and China collateral. Updated by hand from their research. Covers two separate periods, not a continuous run.
- Shadow Monetary Base (Pro; Global Liquidity (CrossBorder Capital)): CrossBorder Capital's Shadow Monetary Base: central bank liquidity plus collateral (government bonds), the base global liquidity is built on. Monthly, with weekly readings for the latest month. Updated by hand from their research.
- Collateral Multiplier (Pro; Global Liquidity (CrossBorder Capital)): CrossBorder Capital's Collateral Multiplier: liquidity created per dollar of Treasury and agency collateral in repo markets. Monthly, with weekly readings for the latest month. Updated by hand from their research.
- Treasury General Account (Pro; Government, Fiscal): The Treasury's account at the Fed. Drains liquidity as it rises. Subtracted in Fed Net Liquidity.
- Federal Debt (% of GDP) (Pro; Government, Fiscal): Total federal debt as a % of GDP. Quarterly.
- Debt Maturity Wall (Pro; Government, Fiscal): Advanced economies: the change in annual debt roll, meaning how much more (or less) debt has to be refinanced each year than the year before, US$ 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; Government, Fiscal): 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.
- 2-Year Treasury Yield (Pro; Government, Yields & Curve): Tracks expected policy rates over the next two years.
- 10Y–2Y Yield Curve (Pro; Government, Yields & Curve): Below zero means the curve is inverted, which has often come before recessions.
- 10Y–3M Yield Curve (Pro; Government, Yields & Curve): The New York Fed's preferred inversion measure.
- 10-Year Breakeven Inflation (Pro; Government, Yields & Curve): Average inflation priced by the bond market over the next 10 years.
- 10-Year Real Yield (TIPS) (Pro; Government, Yields & Curve): 10-year TIPS yield: the inflation-adjusted rate.
- Nominal GDP Growth vs 10-Year Yield (Pro; Government, Yields & Curve): 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.
- 10-Year Treasury Yield (Live) (Pro; Government, Live Yields): 10-year Treasury yield (CBOE ^TNX).
- 30-Year Treasury Yield (Live) (Pro; Government, Live Yields): 30-year Treasury yield (CBOE ^TYX).
- 13-Week T-Bill Yield (Live) (Pro; Government, Live Yields): 13-week T-bill yield (CBOE ^IRX).
- CPI Inflation (YoY) (Pro; Economy, Inflation): Headline CPI, year over year.
- PCE Inflation (YoY) (Pro; Economy, Inflation): The Fed's preferred inflation measure, year over year.
- Core PCE Inflation (YoY) (Pro; Economy, Inflation): PCE excluding food and energy, year over year.
- Unemployment Rate (Pro; Economy, Labor Market): Headline U-3 unemployment rate.
- All Employees, Total Nonfarm (Pro; Economy, Labor Market): Total US nonfarm payrolls, seasonally adjusted.
- Initial Jobless Claims (Pro; Economy, Labor Market): Weekly new unemployment claims, seasonally adjusted.
- Bank Credit: Loans & Leases (Pro; Economy, Credit): Loans and leases at US commercial banks. Bank credit, separate from central bank liquidity.
- High Yield Credit Spread (Pro; Economy, Credit): High yield bond spread over Treasuries. Widens under stress.
- Investment Grade Credit Spread (Pro; Economy, Credit): Investment grade corporate bond spread over Treasuries.
- BBB Credit Spread (Pro; Economy, Credit): Spread on BBB bonds, the lowest investment grade rating. Often moves first.
- Real GDP (Pro; Economy, Growth & Sentiment): Inflation-adjusted GDP, chained 2017 dollars. Quarterly.
- Nominal GDP (YoY) (Pro; Economy, Growth & Sentiment): Nominal GDP, year over year. Not adjusted for inflation.
- Consumer Sentiment (Pro; Economy, Growth & Sentiment): University of Michigan consumer sentiment. Monthly.
- Industrial Production: Manufacturing (NAICS) (Pro; Economy, Growth & Sentiment): US manufacturing output index (2017 = 100). Monthly.
- ISM Manufacturing PMI (Pro; Economy, Growth & Sentiment): 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; Economy, Growth & Sentiment): Philadelphia Fed manufacturing survey (above 0 = expanding). Out mid-month, so an early read on the ISM PMI. Monthly.

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

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

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

### People's Bank of China & Chinese economy
- China M2 Money Supply (Pro; People's Bank of China): 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; People's Bank of China): China real GDP growth, year over year, each quarter. NBS via chinadata.live.
- China CPI (YoY) (Pro; People's Bank of China): China consumer price inflation, year over year, each month. NBS via chinadata.live.
- China FX Reserves (Pro; People's Bank of China): China's official FX reserves (SAFE), in IMF SDRs as published.
- China Govt Budget Expenditure (Pro; People's Bank of China): China government budget spending, year to date. Resets each January. NBS via chinadata.live.
- China Manufacturing PMI (Pro; People's Bank of China): China official manufacturing PMI (NBS). Above 50 means expansion.
- China New Yuan Loans (Pro; People's Bank of China): New yuan bank loans in the month. Can be negative in heavy repayment months. PBoC via chinadata.live.
- RMB/USD Reference Rate (Pro; People's Bank of China): The PBoC's monthly RMB/USD reference rate. The live market rate is in FX & Currencies.
- China Urban Unemployment Rate (Pro; People's Bank of China): China urban surveyed unemployment rate (NBS).
- China Total Social Financing (Pro; People's Bank of China): 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
- US Dollar Index (Pro; Live Markets): ICE US Dollar Index.
- Bitcoin (Pro; Live Markets): Bitcoin in US dollars.
- S&P 500 (Live) (free; Live Markets): S&P 500 index.
- Nasdaq 100 (Pro; Live Markets): Nasdaq-100 index: the 100 largest non-financial companies listed on the Nasdaq, heavy in technology.
- VIX (Live) (Pro; Live Markets): CBOE Volatility Index.
- Gold Futures (Pro; Live Markets): COMEX gold futures, front month, $ per troy ounce.
- VIX 9-Day (Pro; Volatility): CBOE 9-day volatility index.
- VIX 3-Month (Pro; Volatility): CBOE 3-month S&P 500 volatility index.
- VIX 6-Month (Pro; Volatility): CBOE 6-month S&P 500 volatility index.
- MOVE Index (Bond Volatility) (Pro; Volatility): 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.
- Copper Futures (Pro; Geopolitical & Global): COMEX copper futures, front month, $ per pound.
- Crude Oil (Brent) (Pro; Geopolitical & Global): Brent crude futures, front month, $ per barrel.
- Copper/Gold Ratio (×1000) (Pro; Geopolitical & Global): Copper price over gold price, ×1000. Rising means markets favour growth over safety.
- EUR/USD (Pro; FX & Currencies): Euro vs US dollar.
- GBP/USD (Pro; FX & Currencies): British pound vs US dollar.
- USD/JPY (Pro; FX & Currencies): US dollar vs Japanese yen.
- USD/CNY (Pro; FX & Currencies): US dollar vs Chinese yuan.
- AUD/USD (Pro; FX & Currencies): Australian dollar vs US dollar.
- USD/CHF (Pro; FX & Currencies): US dollar vs Swiss franc.

### Iran War Oil Activity: Middle East oil exports
- Middle East Oil Exports (Pro; Iran War Oil Activity, Middle East exports): 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.
- Brent Crude Oil (Spot) (free; Iran War Oil Activity, Oil & gas prices): Brent spot price, $ per barrel, daily. EIA via FRED, a few days behind.
- WTI Crude Oil (Spot) (Pro; Iran War Oil Activity, Oil & gas prices): WTI spot price at Cushing, $ per barrel, daily. EIA via FRED.
- Brent − WTI Spread (Pro; Iran War Oil Activity, Oil & gas prices): Brent minus WTI, $ per barrel. Tends to widen when Middle East supply is at risk.
- European Gas (Dutch TTF) (Pro; Iran War Oil Activity, Oil & gas prices): Dutch TTF gas futures, front month, € per MWh. Qatar's LNG exports pass through the Strait of Hormuz.
- US Petrol Price (Regular) (Pro; Iran War Oil Activity, Oil & gas prices): US average retail price of regular gasoline, $ per gallon, weekly. EIA via FRED.
- Oil Volatility Index (OVX) (Pro; Iran War Oil Activity, Markets & shipping): Cboe crude oil volatility index. Jumps on supply scares.
- Frontline (Tanker Shares) (Pro; Iran War Oil Activity, Markets & shipping): Frontline share price. A large crude tanker owner, used as a rough stand-in for tanker rates.
- DHT Holdings (Tanker Shares) (Pro; Iran War Oil Activity, Markets & shipping): DHT Holdings share price. Owns VLCCs, the ships that carry Gulf crude.
- US Crude & Petroleum Product Stocks (Pro; Iran War Oil Activity, US oil stocks (weekly)): Total US crude and product stocks including the SPR, million barrels, weekly (EIA).
- US Commercial Crude Stocks (ex SPR) (Pro; Iran War Oil Activity, US oil stocks (weekly)): US commercial crude stocks excluding the SPR, weekly (EIA). The inventory number markets watch each Wednesday.
- US Strategic Petroleum Reserve (Pro; Iran War Oil Activity, US oil stocks (weekly)): Crude held in the US Strategic Petroleum Reserve, weekly (EIA).
- USD/ILS (Israeli Shekel) (Pro; Iran War Oil Activity, Currencies): Shekels per US dollar. Rising means a weaker shekel.
- USD/IRR (Iranian Rial) (Pro; Iran War Oil Activity, Currencies): 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.

## Guides

- [What is global liquidity?](https://liquiditydashboard.net/learn/what-is-global-liquidity): Global liquidity explained: the money and credit available to the world’s financial system, where it comes from, what moves it, why markets watch it and how to track it.
- [Global liquidity and Bitcoin](https://liquiditydashboard.net/learn/global-liquidity-and-bitcoin): Why Bitcoin often moves with global liquidity, what the link does and doesn’t tell you, and how to compare the two yourself, with the latest Global Liquidity Index reading.
- [Global liquidity and the stock market](https://liquiditydashboard.net/learn/global-liquidity-and-stocks): How global liquidity affects stock prices and valuations, what happened in 2020 to 2022, the limits of the relationship, and the latest Global Liquidity Index reading.
- [How quantitative tightening drains liquidity](https://liquiditydashboard.net/learn/quantitative-tightening): Quantitative tightening explained: how the Fed shrinks its balance sheet, how that drains bank reserves and liquidity, what happened from 2022 to 2025, and the latest Fed balance sheet.
- [TGA, reverse repo and bank reserves](https://liquiditydashboard.net/learn/tga-reverse-repo-and-reserves): How the Treasury General Account, the Fed’s reverse repo facility and bank reserves move liquidity in and out of markets, with the latest values and the Fed Net Liquidity formula.
- [The global liquidity cycle](https://liquiditydashboard.net/learn/liquidity-cycle): Global liquidity tends to move in long waves. What a liquidity cycle is, why momentum (the rate of change) matters more than the level, and where global liquidity is now.
- [Repo market stress](https://liquiditydashboard.net/learn/repo-market-stress): What the repo market is, why overnight rates like SOFR sometimes spike, what happened in September 2019, and which indicators show funding stress now.
- [How to track global liquidity](https://liquiditydashboard.net/learn/how-to-track-global-liquidity): A practical guide to tracking global liquidity: the central bank, Treasury and market data to watch, the FRED series codes, and a free Global Liquidity Index.

## Indicators

- [Fed balance sheet](https://liquiditydashboard.net/indicators/fed-balance-sheet): The latest size of the Federal Reserve balance sheet (FRED: WALCL), its change on the week and the year, and what it means for liquidity.
- [Bank reserves](https://liquiditydashboard.net/indicators/bank-reserves): The latest level of US bank reserves at the Federal Reserve (FRED: WRESBAL), its weekly and yearly change, and why reserve scarcity matters for markets.
- [Overnight reverse repo](https://liquiditydashboard.net/indicators/reverse-repo): The latest balance in the Federal Reserve overnight reverse repo facility (FRED: RRPONTSYD), how it has changed and why it matters for liquidity.
- [Treasury General Account](https://liquiditydashboard.net/indicators/treasury-general-account): The latest balance of the US Treasury General Account at the Federal Reserve (FRED: WDTGAL), its weekly and yearly change, and how it drains or adds liquidity.
- [Standing Repo Facility](https://liquiditydashboard.net/indicators/standing-repo-facility): The latest use of the Federal Reserve Standing Repo Facility (FRED: RPONTSYD): overnight loans to banks against Treasuries, a gauge of funding stress.
- [SOFR](https://liquiditydashboard.net/indicators/sofr): The latest Secured Overnight Financing Rate (SOFR), its change on the week and the year, and how it compares with the Fed funds rate and interest on reserves.
- [Effective Fed funds rate](https://liquiditydashboard.net/indicators/fed-funds-rate): The latest effective federal funds rate (EFFR), the Fed’s main policy rate in practice, with its change on the year and interest on reserve balances.
- [SOFR minus 2-year Treasury yield](https://liquiditydashboard.net/indicators/sofr-2-year-treasury-spread): The latest SOFR minus 2-year Treasury yield spread: above zero markets expect rate cuts (loose), below zero they expect rates to hold or rise (tight).
- [2-year Treasury yield](https://liquiditydashboard.net/indicators/2-year-treasury-yield): The latest 2-year US Treasury yield (FRED: DGS2), its change on the week and year, and what it says about expected Fed policy.
- [10-year minus 2-year yield curve](https://liquiditydashboard.net/indicators/yield-curve-10y-2y): The latest 10-year minus 2-year Treasury yield spread (FRED: T10Y2Y): whether the yield curve is inverted, and its change on the year.
- [10-year minus 3-month yield curve](https://liquiditydashboard.net/indicators/yield-curve-10y-3m): The latest 10-year minus 3-month Treasury yield spread (FRED: T10Y3M), the New York Fed’s preferred yield curve measure.
- [M2 money supply](https://liquiditydashboard.net/indicators/m2-money-supply): The latest US M2 money supply (FRED: M2SL) and its year-on-year growth, and how M2 differs from global liquidity.
- [CPI inflation](https://liquiditydashboard.net/indicators/cpi-inflation): The latest US consumer price inflation (CPI, all items, year on year) from the Bureau of Labor Statistics, and why inflation matters for liquidity.
- [Unemployment rate](https://liquiditydashboard.net/indicators/unemployment-rate): The latest US unemployment rate (U-3) from the Bureau of Labor Statistics, with its change on the year.
- [Chicago Fed financial conditions](https://liquiditydashboard.net/indicators/financial-conditions): The latest Chicago Fed National Financial Conditions Index (NFCI): below zero means looser than average, above zero tighter.

## How the Global Liquidity Index is built

- Central bank liquidity: the Fed (balance sheet minus the Treasury General Account and reverse repos), the ECB (banknotes, current accounts and the deposit facility), the Bank of Japan (monetary base), the PBoC and the Bank of England (total assets).
- Government debt: general government debt securities of the US, Japan, Germany, France, Italy, the UK, Canada and China at face value, from the BIS, rolled forward between quarterly releases.
- Converted to US dollars at weekly exchange rates, combined with fixed weights, smoothed over 4 weeks. One point a week since January 2011, rebuilt at least every 6 hours.
- Full method: https://liquiditydashboard.net/methodology