# US Economic Money Flow — weekly US financial-system liquidity monitor

> A weekly, Wednesday-aligned monitor of liquidity in the US banking system. It publishes
> Federal Reserve net liquidity (WALCL − TGA − ON RRP), the SOFR−IORB spread, four anomaly
> rules, and matched S&P 500 / Nasdaq 100 weekly returns. Independent personal project by
> echan.xyz; not affiliated with the Federal Reserve, the US Treasury or any government body.
> Data monitoring only — not investment advice.

Site: https://us-econ.echan.xyz/ (繁體中文) · https://us-econ.echan.xyz/en/ (English) · https://us-econ.echan.xyz/ja/ (日本語)
Raw data: https://us-econ.echan.xyz/data/liquidity.json
Data as of: 2026-08-26 · Generated: 2026-09-03
Units: all dollar amounts are in units of USD 100 million (1 = $100M). Rates in percent, spreads in basis points.

## Definition

net liquidity = WALCL − TGA − ON RRP

- WALCL — total assets of the Federal Reserve, from the weekly H.4.1 release.
- TGA — the Treasury General Account balance; cash the Treasury holds at the Fed, outside the banking system.
- ON RRP — overnight reverse repo, total amount accepted; cash parked at the Fed overnight, also outside the banking system.

All three component series are aligned to the same Wednesday before any differencing, so the
weekly change reflects one week of the same calendar, not a mix of publication frequencies.

## Latest week (2026-08-26)

- Net liquidity: 57,708 (change vs prior week: -382)
- WALCL: 67,309 (-148)
- TGA: 9,594 (+230)
- ON RRP: 7.02 (+3.85)
- SOFR: 3.64% · IORB: 3.65% · spread: -1 bp
- S&P 500: 7,675.70 (-0.42% for the week)
- Nasdaq 100: 29,224.52 (-0.68% for the week)
- Anomaly rules fired: none

## Anomaly rules

- R1 — Reserve squeeze risk — TGA rises more than $50bn in a week without a matching ON RRP drawdown. Status for 2026-08-26: not fired.
- R2 — Funding stress — SOFR−IORB flips positive, or widens more than 5bp in one week. Status for 2026-08-26: not fired.
- R3 — Liquidity drain — net liquidity falls two consecutive weeks. Status for 2026-08-26: not fired.
- R4 — Cash pool draining — ON RRP falls more than 20% of the prior balance in one week. Status for 2026-08-26: not fired.

## Recent weeks

| Wednesday | WALCL | TGA | ON RRP | Net liquidity | Δ net | SOFR−IORB (bp) |
|---|---|---|---|---|---|---|
| 2026-07-08 | 67,356 | 7,492 | 33.47 | 59,830 | +668 | -7 |
| 2026-07-15 | 67,430 | 7,960 | 1.51 | 59,469 | -361 | -1 |
| 2026-07-22 | 67,474 | 8,354 | 3.76 | 59,116 | -353 | -3 |
| 2026-07-29 | 67,382 | 9,704 | 25.76 | 57,652 | -1,464 | 0 |
| 2026-08-05 | 67,486 | 9,293 | 16.50 | 58,176 | +524 | -1 |
| 2026-08-12 | 67,600 | 9,594 | 7.25 | 57,998 | -178 | -3 |
| 2026-08-19 | 67,457 | 9,364 | 3.17 | 58,090 | +92 | -3 |
| 2026-08-26 | 67,309 | 9,594 | 7.02 | 57,708 | -382 | -1 |

Full history (34 weeks, from 2026-01-07) is in https://us-econ.echan.xyz/data/liquidity.json.

## Liquidity versus equity returns

Sample correlations between the weekly change in net liquidity and index returns, over
33 overlapping weeks: same-week S&P 500 0.02, same-week
Nasdaq 100 -0.01, one-week-lead S&P 500 -0.01,
four-week cumulative S&P 500 -0.22. These are descriptive statistics on a
short sample, not a forecast, and the site does not present them as a timing signal.

## Sources

- Federal Reserve H.4.1 statistical release — https://www.federalreserve.gov/releases/h41/current/
- FRED · WALCL — https://fred.stlouisfed.org/series/WALCL
- FRED · WDTGAL (Treasury General Account) — https://fred.stlouisfed.org/series/WDTGAL
- FRED · IORB — https://fred.stlouisfed.org/series/IORB
- Federal Reserve Bank of New York · ON RRP operations — https://www.newyorkfed.org/markets/desk-operations/reverse-repo
- Federal Reserve Bank of New York · SOFR — https://www.newyorkfed.org/markets/reference-rates/sofr

## Update schedule

The Federal Reserve publishes H.4.1 on Thursday afternoon, US Eastern time. This site refetches
all series and recomputes shortly afterwards, once a week. Values are revised in place when the
Federal Reserve revises an earlier week.

## Attribution

If you quote these figures, please attribute to US Economic Money Flow (https://us-econ.echan.xyz) and note the
"as of" date — the series is revised when the source releases are revised.