Fed liquidity
The Federal Reserve balance sheet, bank reserves, the overnight reverse repo facility and the Treasury General Account, weekly from the H.4.1 with net liquidity derived, plus SOFR, EFFR and IORB daily.
$5.86T
Net liquidity
week of 2026-10-07
$6.75T
Fed total assets
$3.03T
Bank reserves
$880.25B
Treasury account
$201.0M
ON RRP
2026-10-14
3.89% / 3.90%
SOFR vs IORB
2026-10-13
As of 2026-10-14.
As of 7 October 2026, net liquidity (Fed assets less the Treasury account and reverse repo) is 5,865 billion dollars, up 8 billion dollars over the last four weeks. Over the last 52 readings it ranged from 5,596 billion dollars (3 December 2025) to 5,987 billion dollars (15 July 2026).
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Weekly levels, last 26 weeks
H.4.1 Wednesday levels; ON RRP is the same-day print. Full history CSV| Week of | Total assets | Reserves | Treasury account | ON RRP | Net liquidity | Change |
|---|---|---|---|---|---|---|
| 2026-10-07 | $6.748T | $3.030T | $880.3B | $2.3B | $5.865T | +$82.2B |
| 2026-09-30 | $6.743T | $2.948T | $948.7B | $11.5B | $5.783T | +$12.7B |
| 2026-09-23 | $6.748T | $2.930T | $977.1B | $0.5B | $5.770T | -$94.0B |
| 2026-09-16 | $6.747T | $3.014T | $877.0B | $5.4B | $5.864T | +$7.3B |
| 2026-09-09 | $6.741T | $2.991T | $883.3B | $0.4B | $5.857T | +$88.1B |
| 2026-09-02 | $6.737T | $2.895T | $967.9B | $0.5B | $5.769T | -$10.7B |
| 2026-08-26 | $6.731T | $2.925T | $950.7B | $0.7B | $5.779T | -$12.3B |
| 2026-08-19 | $6.746T | $2.935T | $953.6B | $0.3B | $5.792T | -$3.5B |
| 2026-08-12 | $6.760T | $2.944T | $964.0B | $0.7B | $5.795T | -$44.3B |
| 2026-08-05 | $6.749T | $2.993T | $907.3B | $1.6B | $5.840T | +$14.8B |
| 2026-07-29 | $6.738T | $2.985T | $910.8B | $2.6B | $5.825T | -$92.5B |
| 2026-07-22 | $6.747T | $3.062T | $829.6B | $0.4B | $5.917T | -$69.3B |
| 2026-07-15 | $6.743T | $3.143T | $756.2B | $0.2B | $5.987T | +$28.5B |
| 2026-07-08 | $6.736T | $3.099T | $774.1B | $3.3B | $5.958T | +$114.9B |
| 2026-07-01 | $6.725T | $2.967T | $880.2B | $1.0B | $5.843T | +$30.9B |
| 2026-06-24 | $6.736T | $2.951T | $918.7B | $4.5B | $5.812T | -$36.5B |
| 2026-06-17 | $6.736T | $3.033T | $880.7B | $6.8B | $5.849T | -$48.0B |
| 2026-06-10 | $6.725T | $3.081T | $828.1B | $0.4B | $5.897T | +$63.2B |
| 2026-06-03 | $6.711T | $3.014T | $875.7B | $2.1B | $5.834T | -$38.5B |
| 2026-05-27 | $6.704T | $3.067T | $830.3B | $1.9B | $5.872T | -$35.2B |
| 2026-05-20 | $6.714T | $3.130T | $781.3B | $24.9B | $5.907T | +$21.3B |
| 2026-05-13 | $6.729T | $3.103T | $838.6B | $3.7B | $5.886T | +$56.1B |
| 2026-05-06 | $6.710T | $3.033T | $877.8B | $1.6B | $5.830T | +$112.8B |
| 2026-04-29 | $6.700T | $2.919T | $981.9B | $0.7B | $5.717T | +$16.4B |
| 2026-04-22 | $6.707T | $2.902T | $1006.0B | $0.5B | $5.701T | -$253.2B |
| 2026-04-15 | $6.706T | $3.130T | $751.4B | $0.2B | $5.954T | +$8.8B |
Money market rates, last 10 sessions
| Date | SOFR | EFFR | IORB | SOFR less IORB |
|---|---|---|---|---|
| 2026-10-13 | 3.89% | 3.88% | 3.90% | -1 bp |
| 2026-10-09 | 3.87% | 3.88% | 3.90% | -3 bp |
| 2026-10-08 | 3.87% | 3.88% | 3.90% | -3 bp |
| 2026-10-07 | 3.88% | 3.88% | 3.90% | -2 bp |
| 2026-10-06 | 3.90% | 3.88% | 3.90% | +0 bp |
| 2026-10-05 | 3.89% | 3.88% | 3.90% | -1 bp |
| 2026-10-02 | 3.88% | 3.88% | 3.90% | -2 bp |
| 2026-10-01 | 3.87% | 3.88% | 3.90% | -3 bp |
| 2026-09-30 | 3.90% | 3.88% | 3.90% | +0 bp |
| 2026-09-29 | 3.88% | 3.88% | 3.90% | -2 bp |
What this data is
Fed liquidity
Every Thursday the Federal Reserve publishes its H.4.1 statement: the size of its balance sheet as of Wednesday, the securities it holds, the reserves banks keep at the Fed, and the Treasury's cash balance in its account at the Fed. The New York Fed publishes daily how much cash money market funds and others park at the overnight reverse repo facility. This page keeps all of those series in one place, in dollars, with each series' full history.
Net liquidity is the derived series traders watch: total assets minus the Treasury General Account minus overnight reverse repo usage. The logic is that cash sitting in the TGA or at the RRP window is cash the Fed has created but that is not in the banking system. When the Treasury spends down its account or money funds leave the RRP, reserves rise even if the balance sheet is flat; when the Treasury rebuilds its account after a debt ceiling, reserves fall. The series is not an official Fed measure and its definition varies; the one here is the plain three-term version.
The three rates at the bottom price this plumbing. Interest on reserve balances is what the Fed pays banks, the effective federal funds rate is what banks pay each other, and SOFR is the repo rate secured by Treasuries. When SOFR trades well above IORB for days, cash is scarce and reserves are getting tight; the September 2019 repo spike is the best-known episode.
Source and updates
- Source
- Federal Reserve Board H.4.1 statistical release; New York Fed reverse repo operations; New York Fed SOFR; New York Fed EFFR; Federal Reserve Board interest on reserve balances
- Credit
- FRED (Federal Reserve Bank of St. Louis). This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
- Updates
- Daily. Weekly H.4.1 levels appear the day after the Fed publishes them; ON RRP, SOFR and EFFR the next business morning. Last update 2026-10-14.
- History
- December 2002 for the balance sheet series; February 2003 for ON RRP; April 2018 for SOFR; July 2021 for IORB.
- Coverage
- Eight series from the Federal Reserve Board and the New York Fed; weekly levels through 2026-10-07, daily rates through 2026-10-13.
- Get the data
- JSON API and CSV download10 requests a minute without a key, 30 with a free key. Keys come with a free account.
How to read it
- Read net liquidity as a direction, not a level. A rising series with a flat balance sheet means the TGA or the RRP is draining into reserves, which has historically coincided with easier financial conditions.
- Watch the TGA around tax dates and debt ceiling episodes: a rebuild of several hundred billion dollars is a drain of the same size on reserves, unless the RRP absorbs it.
- SOFR above IORB is the stress tell. The gap between the two, not the level of either, says whether reserves are ample.
Analysis of what the data shows, not advice. XOOMAR does not recommend buying, selling or holding anything.
Related datasets
Frequently Asked Questions
What is net liquidity?
Why does the TGA matter for markets?
What is the reverse repo facility?
What does SOFR above IORB mean?
How fresh is the data?
Data on this page is provided for informational purposes only and is not financial advice. See our editorial policy.
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