USD Liquidity
A composite read of US dollar liquidity conditions, scored from 10 macro indicators across Fed policy, funding plumbing, credit, and risk, with 8 reference series for context. Updated every 6 hours.
Current reading
How the score works<= P20 Mildly loose
P20-P50 Mildly tight
P50-P80 Tight
>= P80
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- Sum of all drivers --
- Net-liquidity flow (6M) -- --
- Buffer thinness amplification -- --
- Funding-stress override -- --
- Raw score → score --
v1 is the official reading; v3.1 has not passed its pre-registered acceptance battery and changes no default. Methodology note ↗
Loading current macro liquidity conditions...
What is driving it
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Policy / Reserves
Fed balance sheet, TGA, and ON RRP: the primary supply-side liquidity levers.
Funding / Plumbing
SOFR-IORB spread and SRF usage: real-time stress signals from funding plumbing.
Credit / Intermediation
Bank cash buffers and high-yield spreads: how willing intermediaries are to lend.
Risk / Price
VIX, dollar strength, and real yields: market price feedback on liquidity conditions.
Broader Liquidity Not scored
Composite and broader monetary indicators for context, not included in the liquidity index.
Offshore / Global Dollar Reference Not scored
Fed swap lines, CP funding stress, foreign Treasury holdings, and ECB/BoJ balance sheets: reference indicators for offshore dollar funding and global central-bank liquidity. Not included in the liquidity index.