Liquidity & Flows
US Net Liquidity · Fed Balance Sheet · Global M2 · Reverse Repo · TGA · Bank Credit
Fed Balance Sheet
——
WALCL · Total Assets
Net Liquidity
——
Fed BS − TGA − RRP
RRP
——
RRPONTSYD · ↓ = bullish
TGA
——
WTREGEN · ↓ = bullish
US M2
——
M2SL · Money Supply
Bank Credit
——
TOTBKCR · Total
US Net Liquidity
Net Liquidity = Fed Balance Sheet − Treasury General Account (TGA) − Reverse Repo (RRP)
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Fed Balance Sheet Decomposition
Total Assets, Treasuries held outright & Mortgage-Backed Securities — QE/QT phases annotated
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Reverse Repo & Treasury General Account
Key liquidity drain/injection mechanisms — declining RRP or TGA releases liquidity into the financial system
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Global M2
US, Eurozone, Japan & China money supply — indexed growth & YoY % change with BTC price overlay
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Credit Growth
Total Bank Credit & Commercial & Industrial Loans — absolute levels and YoY % change
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