Federal Reserve Net Liquidity Tracker
Central Bank Balance Sheet Assets minus Reverse Repo (ON RRP) minus Treasury General Account (TGA) vs. S&P 500 (2018–2026)
Federal Reserve Net Liquidity
$6,080B
Assets minus RRP minus TGA
Fed Total Assets (WALCL)
$7,220B
SOMA Balance Sheet
Overnight Reverse Repo (RRP)
$380B
Cash Floor Drainage
Treasury Account (TGA)
$760B
Treasury Operating Cash
Federal Reserve Net Liquidity currently stands at $6.08 Trillion. By subtracting cash sequestered at the ON RRP facility ($380B) and government cash at the Treasury General Account ($760B) from total Fed assets ($7.22T), this metric provides the true baseline of liquid reserves lubricating Wall Street risk assets. The dramatic drainage of the RRP from $2.5T in 2022 to under $400B has absorbed the bulk of QT without starving bank reserves.
Read Master Concept Guide: Systemic Net Liquidity: Fed Balance Sheet, RRP, TGA, and Bank Reserves →Historical Macro Cycle Benchmarks & Inflection Points
Pre-rendered empirical time-series data table for search engine verification and cycle benchmarking.
| Timeline | Fed Total Assets | Reverse Repo (RRP) | TGA Balance | Net Liquidity | S&P 500 Level |
|---|---|---|---|---|---|
| January 2018 (Baseline QT) | $4,450B | $250B | $320B | $3,880B | 2,800 |
| September 2019 (Repo Spike Low) | $3,760B | $100B | $280B | $3,380B | 2,980 |
| June 2020 (Emergency QE) | $7,100B | $15B | $1,400B | $5,685B | 3,100 |
| December 2021 (Peak Net Liquidity) | $8,760B | $1,600B | $360B | $6,800B | 4,700 |
| December 2022 (Peak RRP Drainage) | $8,550B | $2,550B | $450B | $5,550B | 3,850 |
| March 2023 (BTFP Intervention) | $8,700B | $2,200B | $200B | $6,300B | 4,000 |
| September 2026 (Current Live) | $7,220B | $380B | $760B | $6,080B | 6,610 |