Liquidity desk · daily stamp
Plumbing is not a bid
Net liquidity $5.79 T. 13-week -0.04 T. SOMA 4-week +0 bn. ON RRP $0.00 T. M2 YoY +5.7%. SOMA minus TGA minus overnight RRP. Not a buy ticket. A peak is not called.
Now
Public cousins · not H.4.1 as a page
What the plumbing is doing
Net liquidity $5.79 T. 13-week -0.04 T. SOMA 4-week +0 bn. ON RRP $0.00 T. M2 YoY +5.7%. SOMA minus TGA minus overnight RRP. Not a buy ticket. A peak is not called.
Net
-0.3
$5.79 T
SOMA − TGA − RRP
SOMA
-0.5
$6.75 T
WALCL
TGA
+0.2
$0.96 T
WTREGEN
ON RRP
-0.5
$0.00 T
RRPONTSYD
Reserves
-478
$2,930 bn
WRESBAL
QT 4w
+97.0
+0 bn
SOMA change
13-week
-0.04 T
net liq
M2 YoY
-6.9
+5.7%
M2SL
Window · net liquidity, $T · 10Y · 2016-11-12 → 2026-11-12
The three tanks
WALCL · millions into trillions
Fed total assets
SOMA is the stock. QT is the flow. A shrinking balance sheet is 2022. A peak is not called.
Window · SOMA and net, $T · 10Y · 2016-11-12 → 2026-11-12
WTREGEN · the Treasury’s checking account
Treasury General Account
A rebuild of the TGA drains net liquidity even when SOMA is flat. 2021 and 2023 were TGA photographs.
TGA
+0.2
$0.96 T
WTREGEN
Window · TGA, $T · 10Y · 2016-11-12 → 2026-11-12
RRPONTSYD · leftover cash at the Fed
Overnight reverse repo
The ON RRP facility is dry powder leaving. A drain of RRP into T-bills is not easing. A peak is not called.
ON RRP
-0.5
$0.00 T
billions into trillions
Window · ON RRP, $T · 10Y · 2016-11-12 → 2026-11-12
WRESBAL · bank reserves
Reserve balances
Reserves are the other face of SOMA minus TGA. Ample is not a law. Scarce is 2019. A peak is not called.
Reserves
-478
$2,930 bn
WRESBAL
Window · reserves, $bn · 10Y · 2016-11-12 → 2026-11-12
The flow
4-week change in WALCL, billions
QT pace
Negative is runoff. The cap is a rule, not a print of what actually rolled off. A peak is not called.
4-week
+97.0
+0 bn
SOMA
13-week
+10 bn
SOMA
Window · 4-week SOMA change, $bn · 10Y · 2016-11-12 → 2026-11-12
M2SL year-over-year
M2
The stock of money, not the Fed’s balance sheet. Tight M2 was 2022–23. Loose is not a buy ticket.
M2 YoY
-6.9
+5.7%
M2SL
Window · M2 YoY · 10Y · 2016-11-12 → 2026-11-12
Indexed 100 · not a law
Net liquidity versus SPY
Paid terminals overlay the S&P on net liquidity. 2020–21 they rose together. 2022 they did not always. A rhyme is not a law.
Window · indexed 100 · 10Y · 2016-11-12 → 2026-11-12
FRED WALCL (Fed total assets, millions → trillions), WTREGEN (Treasury General Account), RRPONTSYD (ON RRP, billions → trillions), WRESBAL (reserve balances, millions → billions), M2SL. Net = WALCL − TGA − RRP. QT pace is the 4-week change in WALCL, billions. Yahoo SPY weekly, indexed 100. USREC bands. Not H.4.1 as a Bloomberg page. Not ICI. A peak is not called. · tape date 12 Nov 2026 · COMPILED JUST NOW