Net Liquidity Index: Weekly CSV Download (WALCL minus TGA minus RRP)
Definition
Net liquidity
A constructed proxy for the dollars available to financial markets: the Fed balance sheet minus the Treasury General Account minus the overnight reverse repo facility.
How it's measured: Eco3min index = WALCL − WTREGEN − RRPONTSYD, weekly; no single FRED ticker.
Why it matters: It isolates the reserves left in the banking system after Treasury cash balances and RRP drains; it has tracked broad risk-asset moves at times, but the relationship is unstable and not a trading rule.
Primary source: Federal Reserve series via FRED (composite).
Go deeper: Monetary policy & rates pillar · The Liquidity Illusion: Why the Fed's Balance Sheet Is Not the Market's Liquidity — And What Actually Is · The Hidden Tax on Safety: US 3-Month Treasury Bills Lost to Inflation in 38% of Months Since 1948
Eco3min computes this composite from three FRED series (WALCL, the Treasury General Account, and the Overnight Reverse Repo facility) weekly since 2015. The file includes all three components alongside the net figure; no single source publishes the series.
Dataset: US Net Liquidity Index (2015–2026) · Updated 2026-10-09
Data provided as is, with no warranty of accuracy or timeliness. Check any figure against the primary source cited on this page before using it. Terms: legal notice.
Source: FRED series WALCL · Federal Reserve Bank of St. Louis · Net liquidity (WALCL minus TGA minus ON RRP): Eco3min calculation
Macro Takeaway
This indicator is a key component of the macro-financial monitoring framework. Its current level relative to its historical distribution, captured in the percentile and z-score above, provides immediate context for whether conditions are historically normal, stretched, or compressed.
Triangulated with the 10-year Treasury yield and the yield curve spread helps situate this indicator within the broader macro regime.
Dataset Overview
| Indicator | US Net Liquidity Index (2015–2026) |
|---|---|
| Geography | United States |
| Frequency | Weekly |
| Period | 2015–2026 |
| Variables | date, fed_assets, tga, on_rrp, net_liquidity |
| Format | CSV, Excel (XLSX) |
| Sources | Federal Reserve Bank of St. Louis — FRED |
| Last updated | 2026-10-09 |
Dataset Variables
The CSV and Excel files contain the following columns.
| Column | Type | Description |
|---|---|---|
date | Date (YYYY-MM-DD) | Observation date |
fed_assets | Float | fed_assets value |
tga | Float | tga value |
on_rrp | Float | on_rrp value |
net_liquidity | Float | Net Liquidity = WALCL − TGA − ON RRP, millions of dollars |
Column names match the CSV headers exactly.
Download the Complete Dataset
The full dataset is available in CSV and Excel formats.
Data provided as is, with no warranty of accuracy or timeliness. Check any figure against the primary source cited on this page before using it. Terms: legal notice.
FRED Direct CSV Access
The underlying data is available from FRED under series code WALCL:
https://fred.stlouisfed.org/graph/fredgraph.csv?id=WALCL
Direct CSV Access: Eco3min Structured Dataset
https://eco3min.fr/dataset/net-liquidity-index.csv
This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.
Using the Dataset in Python
import pandas as pd url = "https://eco3min.fr/dataset/net-liquidity-index.csv" df = pd.read_csv(url, parse_dates=["date"]) print(df.head()) print(df["net_liquidity"].describe())
Using the Dataset in R
library(readr) url <- "https://eco3min.fr/dataset/net-liquidity-index.csv" df <- read_csv(url) head(df) summary(df$net_liquidity)
Both examples load the dataset directly from the URL, no download or API key required.
Methodology
The primary data source is the Federal Reserve’s FRED database, series WALCL. The data is published by the relevant US government agency and made available through FRED with consistent formatting and metadata.
This dataset is updated weekly (Saturday 08:00 UTC) via automated pull from the FRED API.
Historical Regimes
Historical regime analysis for this dataset will be added in a future update. The key stats block above provides immediate context for the current reading relative to the full historical distribution.
Related Macroeconomic Datasets
Related Macroeconomic Datasets
The Fed balance sheet is one of three components of the Net Liquidity framework. Based on the FRED WALCL series. Cross-reference with the two other “pipes”, TGA and ON RRP, to understand effective system liquidity rather than headline balance sheet size. Source: the FRED WTREGEN series. That distinction, gross balance sheet versus the liquidity that actually reaches markets, is examined in our analysis of why the headline balance sheet overstates available liquidity.
- Net Liquidity Index (WALCL – TGA – RRP): The composite measure that matters more than the balance sheet alone
- Treasury General Account (TGA): The government’s cash balance that drains or injects reserves
- Overnight Reverse Repo (ON RRP): The $2.4T buffer that absorbed QT’s impact
- M2 Money Supply: Broad money: related but distinct from reserve-level liquidity
- US 10-Year Treasury Yield: The rate environment that drives TGA and RRP dynamics
Related Macroeconomic Datasets
Net Liquidity is computed from three underlying FRED series. Each component page provides the raw data, while this page provides the composite. Cross-reference with equity and rate datasets to understand the macro-financial transmission.
- Fed Balance Sheet (WALCL): Pipe 1: gross reserve creation via QE/QT
- Treasury General Account (TGA): Pipe 2: government cash balance draining reserves
- Overnight Reverse Repo (ON RRP): Pipe 3: the $2.4T buffer that offset QT
- M2 Money Supply: Broad money: related but operates on a different lag
- S&P 500 Price Index: The equity benchmark tracked against Net Liquidity
- US 10-Year Treasury Yield: Rate environment driving TGA and RRP dynamics
Related Research
This raw dataset provides the weekly composite. The in-depth research study below analyzes the QT offset mechanism, introduces the “Stealth Easing” regime classification, and documents the historical turning points where plumbing moved markets.
- The Liquidity Illusion: Why the Fed’s Balance Sheet Is Not the Market’s Liquidity (2003–2026)
- US Real Interest Rates vs CAPE Ratio: The Tent-Shaped Relationship (1963–Present)
- Yield Curve Inversion History: Complete History of the 2s10s Spread
- US Real Interest Rates History (1962–Present)
- US Dollar and Global Crises: Historical Dataset & Analysis
Sources
- Federal Reserve Bank of St. Louis — FRED database
Dataset Reference
Last updated — 15 October 2026
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Data on this page: the series are collected automatically from the sources cited, then formatted or calculated by Eco3min (units, frequency, derived calculations). They may differ from the official release because of producer revisions, update lags, rounding or processing errors. They are provided as is, with no warranty of accuracy, completeness or timeliness. Before any professional, contractual or regulatory use, and before any financial decision, check the values against the primary source. To the extent permitted by law, the publisher accepts no liability for the consequences of using these data without that check.
Source terms. This dataset is an Eco3min composite: the Fed balance sheet (WALCL) minus the Treasury General Account (WTREGEN) minus the overnight reverse repo facility (RRPONTSYD), all retrieved from FRED. WALCL and WTREGEN are in the public domain. RRPONTSYD is produced by the Federal Reserve Bank of New York and carries the "Copyrighted: Citation required" status on FRED, which allows commercial use and display provided attribution is given both to the New York Fed and to FRED. Because the file republishes that input (on_rrp column), Eco3min cannot sub-license it under Creative Commons: anyone reusing it remains bound by the FRED terms, not by CC BY. Full terms.