| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Fed total assets | 8965.49 | 6737.20 | 6535.78 | 8965.49 |
| Liquidity drains | 2579.63 | 992.41 | 429.03 | 3112.15 |
| Net liquidity | 6385.85 | 5744.79 | 5550.77 | 6385.85 |
net liquidity = Fed assets − (TGA + ON RRP), in $bnFed total assets (FRED weekly WALCL / H.4.1, millions → $bn) versus liquidity drains: TGA plus ON RRP (FRED RRPONTSYD, $bn). Each Treasury date uses the last WALCL and RRP observation on or before that date. Not banking-system reserves (WRESBAL).
As of 16 Sep 2026, the latest readings are Fed total assets at 6737.20 $bn, Liquidity drains at 992.41 $bn and Net liquidity at 5744.79 $bn. The Fed total assets line is up 2.0% over the past year and below its long-run median of 7231.16 $bn.
A rising net-liquidity line means Fed assets are large relative to TGA and ON RRP drains. The configuration of 2020-21 QE. A falling line means assets are shrinking or drains are rising. The 2022 QT period. The two drain components show which channel is absorbing liabilities: a high TGA is a fiscal drain, a high ON RRP is a money-market drain.
WALCL is weekly. TGA and ON RRP are daily, aligned as of each Treasury date using the last available observation on or before that date. Net liquidity is not equal to banking-system reserves. Treat the chart as context for Fed balance-sheet liquidity, not investment advice.
Market desks net the Fed's asset holdings against the TGA and ON RRP as a simple residual of Fed-created liabilities not parked in those two facilities. This page is that calculation.
As of 16 Sep 2026, the latest readings are Fed total assets at 6737.20 $bn, Liquidity drains at 992.41 $bn and Net liquidity at 5744.79 $bn. The Fed total assets line is up 2.0% over the past year and below its long-run median of 7231.16 $bn.
This benchmark is built on daily data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Fed total assets, Liquidity drains and Net liquidity, sourced from the U.S. Department of the Treasury, Fiscal Data.
No. Reserves are published separately (for example FRED WRESBAL). This page subtracts only TGA and ON RRP from total Fed assets; other liability items remain inside the residual.
Fed balance sheet (H.4.1 / WALCL) publishes weekly on Thursday; ON RRP is daily from the New York Fed; TGA is daily from the Daily Treasury Statement.
One tested idea, through the evidence stack. No migration of any kind.