# Treasury cash injection/drain | PIER20 benchmarks

How much cash is the Treasury injecting into or draining from the private sector each day?

Treasury cash injection is the daily net flow between the government and the private sector: withdrawals (spending) minus deposits (revenue). A positive day means the Treasury put more cash into the economy than it took. negative means the opposite. The cumulative line sums the last 20 business days to show the Treasury's net liquidity impact over a rolling month. 

As of **7 Aug 2026**, the latest reading is **7.61 $bn**. That is up 34.99 $bn over the past year and above its long-run median of 0.87 $bn.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Daily net injection | 8.27 | 7.61 | -262.78 | 271.77 |
| 20bd cumulative injection | 8.27 | -215.84 | -624.45 | 504.40 |
| Withdrawals | 39.94 | 22.16 | -1.34 | 582.55 |
| Deposits | 31.67 | 14.54 | -0.31 | 571.15 |

## Last 24 readings

| Date | Daily net injection | 20bd cumulative injection | Withdrawals | Deposits |
|---|---|---|---|---|
| Jul 2026 | -1.86 | 59.27 | 260.44 | 262.30 |
| Jul 2026 | 35.72 | 81.16 | 54.02 | 18.30 |
| Jul 2026 | 4.61 | 56.45 | 340.57 | 335.96 |
| Jul 2026 | 6.37 | 61.25 | 21.12 | 14.76 |
| Jul 2026 | -12.01 | 65.75 | 19.13 | 31.14 |
| Jul 2026 | -37.53 | 191.98 | 263.46 | 300.99 |
| Jul 2026 | -8.16 | 185.14 | 156.13 | 164.30 |
| Jul 2026 | -26.53 | 134.00 | 271.99 | 298.52 |
| Jul 2026 | 7.09 | 99.67 | 21.48 | 14.39 |
| Jul 2026 | -12.78 | 114.62 | 20.10 | 32.88 |
| Jul 2026 | -46.78 | 50.90 | 263.73 | 310.51 |
| Jul 2026 | 39.56 | 66.43 | 58.36 | 18.80 |
| Jul 2026 | -41.78 | -5.73 | 266.68 | 308.47 |
| Jul 2026 | -9.10 | 9.28 | 17.94 | 27.04 |
| Jul 2026 | -16.45 | -25.79 | 17.32 | 33.78 |
| Jul 2026 | -63.38 | -46.99 | 246.06 | 309.45 |
| Jul 2026 | -4.31 | -163.08 | 18.21 | 22.51 |
| Jul 2026 | -27.50 | -227.36 | 266.23 | 293.73 |
| Jul 2026 | 121.38 | -99.72 | 403.24 | 281.85 |
| Aug 2026 | 6.48 | -86.97 | 65.69 | 59.20 |
| Aug 2026 | -54.14 | -139.25 | 258.12 | 312.26 |
| Aug 2026 | -5.11 | -180.08 | 16.26 | 21.36 |
| Aug 2026 | -32.40 | -217.09 | 318.01 | 350.42 |
| Aug 2026 | 7.61 | -215.84 | 22.16 | 14.54 |

## How to read this benchmark

**What a positive or negative injection means.** A positive net injection means government spending exceeded receipts. The Treasury is a net cash source for the economy. Negative means a tax date temporarily drained cash. The cumulative line smooths the daily sawtooth. 

**Limitations.** DTS transactions report with a one-day lag. The Fed's own operations are not included. Treat the chart as context for Treasury cash flows, not investment advice. 

## How this benchmark is used

**The tax-date liquidity drain.** Quarterly tax dates pull hundreds of billions into the TGA in one day. The cumulative line shows how quickly the Treasury re-injects that liquidity. 

## Frequently asked questions

**What is the current treasury cash injection/drain?**

As of 7 Aug 2026, the latest reading is 7.61 $bn. That is up 34.99 $bn over the past year and above its long-run median of 0.87 $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 Daily net injection, 20bd cumulative injection, Withdrawals and Deposits, sourced from the U.S. Department of the Treasury, Fiscal Data.

**How is this different from the TGA balance page?**

This page shows the FLOW. The TGA page shows the LEVEL (stock). 

## Methodology

- Formula: daily injection = withdrawals minus deposits, in $bn
- Frequency: Daily
- Sources: Daily net injection (injection-daily) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-ii-deposits-and-withdrawals-of-operating-cash/; 20bd cumulative injection (injection-cumulative) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-ii-deposits-and-withdrawals-of-operating-cash/; Withdrawals (injection-withdrawals) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-ii-deposits-and-withdrawals-of-operating-cash/; Deposits (injection-deposits) https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/dts-table-ii-deposits-and-withdrawals-of-operating-cash/. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: 7 Aug 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/treasury-cash-injection-drain
Disclaimer: research software output, not investment advice.