Where liquidity is moving

Four views of financial conditions

The balances and curve have different units and release dates. A combined narrative needs to preserve those differences.

Fed assets and Treasury cash

Short-term funding and the curve

Read the macro-series interpretation and source notes →

What this view establishes

• The Fed balance sheet is $6,747.6B; its 13-week change is $12.0B.
• The Treasury spread uses same-date 10-year and 2-year observations. A steeper curve alone does not establish the cause.
• Treasury cash, reverse repo and Fed assets have different release dates. Each series retains its own observation period.