# Fed liquidity: assets vs drains | PIER20 benchmarks

How large is the Fed's balance sheet relative to liquidity drains?

This page tracks Federal Reserve total assets (weekly H.4.1 WALCL) against two drains: the Treasury General Account and overnight reverse repo (ON RRP). Net liquidity equals Fed assets minus TGA and ON RRP. It is a balance-sheet residual. It is not the Fed published reserve balances series (WRESBAL).

As of **6 Aug 2026**, the latest readings are Fed total assets at **6748.57 $bn**, Liquidity drains at **963.15 $bn** and Net liquidity at **5785.41 $bn**. The Fed total assets line is up 1.6% over the past year and below its long-run median of 7258.97 $bn.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Fed total assets | 8965.49 | 6748.57 | 6535.78 | 8965.49 |
| Liquidity drains | 2579.63 | 963.15 | 429.03 | 3112.15 |
| Net liquidity | 6385.85 | 5785.41 | 5550.77 | 6385.85 |

## Last 24 readings

| Date | Fed total assets | Liquidity drains | Net liquidity |
|---|---|---|---|
| Jul 2026 | 6724.56 | 785.83 | 5938.74 |
| Jul 2026 | 6724.56 | 789.45 | 5935.12 |
| Jul 2026 | 6735.61 | 752.59 | 5983.02 |
| Jul 2026 | 6735.61 | 750.41 | 5985.20 |
| Jul 2026 | 6735.61 | 738.82 | 5996.79 |
| Jul 2026 | 6735.61 | 751.08 | 5984.53 |
| Jul 2026 | 6735.61 | 788.09 | 5947.52 |
| Jul 2026 | 6743.03 | 796.13 | 5946.90 |
| Jul 2026 | 6743.03 | 822.63 | 5920.39 |
| Jul 2026 | 6743.03 | 815.52 | 5927.51 |
| Jul 2026 | 6743.03 | 828.23 | 5914.80 |
| Jul 2026 | 6743.03 | 875.25 | 5867.77 |
| Jul 2026 | 6747.38 | 835.79 | 5911.59 |
| Jul 2026 | 6747.38 | 878.11 | 5869.27 |
| Jul 2026 | 6747.38 | 886.97 | 5860.40 |
| Jul 2026 | 6747.38 | 904.13 | 5843.25 |
| Jul 2026 | 6747.38 | 967.26 | 5780.12 |
| Jul 2026 | 6738.19 | 973.02 | 5765.17 |
| Jul 2026 | 6738.19 | 999.02 | 5739.17 |
| Jul 2026 | 6738.19 | 878.72 | 5859.47 |
| Aug 2026 | 6738.19 | 872.21 | 5865.98 |
| Aug 2026 | 6738.19 | 926.47 | 5811.72 |
| Aug 2026 | 6748.57 | 930.98 | 5817.59 |
| Aug 2026 | 6748.57 | 963.15 | 5785.41 |

## How to read this benchmark

**What net liquidity means.** 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. 

**Limitations.** 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. 

## How this benchmark is used

**The balance-sheet drain calculation.** 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. 

## Frequently asked questions

**What is the current fed liquidity: assets vs drains?**

As of 6 Aug 2026, the latest readings are Fed total assets at 6748.57 $bn, Liquidity drains at 963.15 $bn and Net liquidity at 5785.41 $bn. The Fed total assets line is up 1.6% over the past year and below its long-run median of 7258.97 $bn.

**How often is this benchmark updated?**

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.

**What data sources does this chart use?**

The chart is built from Fed total assets, Liquidity drains and Net liquidity, sourced from the U.S. Department of the Treasury, Fiscal Data.

**Is this the same as banking-system reserves?**

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. 

**How often is the data updated?**

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. 

## Methodology

- Formula: net liquidity = Fed assets − (TGA + ON RRP), in $bn
- Frequency: Daily
- Sources: Fed total assets (fed-assets) https://fred.stlouisfed.org/series/WALCL; Liquidity drains (fed-drains) https://fred.stlouisfed.org/series/RRPONTSYD; Net liquidity (net-liquidity) https://fred.stlouisfed.org/series/WALCL. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: 6 Aug 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/fed-liquidity-assets-vs-drains
Disclaimer: research software output, not investment advice.