Net Liquidity Index — Daily CSV Download (WALCL – TGA – RRP)
The Net Liquidity Index — calculated as the Fed balance sheet (WALCL) minus the Treasury General Account (TGA) minus Reverse Repo usage (ON RRP) — is the composite measure of effective financial system liquidity tracked by macro analysts like Darius Dale, Andy Constan, and Raoul Pal. This dataset is unavailable from any single source; Eco3min computes it from three FRED series.
Dataset: US Net Liquidity Index (2015–2026) · Updated 2026-05-08
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Source: FRED series WALCL · Federal Reserve Bank of St. Louis
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.
Cross-referencing 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 | — |
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.
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. Cross-reference with the two other “pipes” — TGA and ON RRP — to understand effective system liquidity rather than headline balance sheet size.
- 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 — 12 May 2026
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