Fed net liquidity
Now 5,801 (Oct 21, 2026), before 5,872, a year ago 5,781.
How to read it
Dollars in the system that can chase assets: the Fed's balance sheet minus the Treasury's account (TGA) minus reverse repo. Its turns have often lined up with turns in risk assets (crypto, small caps, speculative tech). A Treasury refilling its account drains it.
Source: FRED · weekly