{"code":"net_usd_liquidity","node":{"code":"net_usd_liquidity","name":"US net dollar liquidity","plain":"Cash in the system","unit":"USD tn","freq":"W","kind":"derived","source":{"publisher":"Computed by findash","keyShown":"walcl-tga-rrp","note":"Derived series — see the formula and inputs in its lineage; every input resolves to a publisher."},"last":{"date":20260916,"value":5.864145,"ingestedAt":1790269416},"derivation":{"formula":"walcl-tga-rrp","plain":"Fed balance sheet minus the Treasury's account minus overnight reverse repo, restated to USD trillions on the weekly balance-sheet spine. The three inputs arrive in three different units (millions, millions, billions).","inputs":[{"code":"us.fed.walcl","name":"Fed balance sheet (total assets)","plain":"Fed balance sheet","unit":"USD mn","freq":"W","kind":"fetched","source":{"publisher":"FRED, Federal Reserve Bank of St. Louis","url":"https://fred.stlouisfed.org/series/WALCL","keyShown":"WALCL"},"last":{"date":20260916,"value":6746548,"ingestedAt":1790199113}},{"code":"us.fed.tga","name":"Treasury General Account","plain":"US government cash pile","unit":"USD mn","freq":"W","kind":"fetched","source":{"publisher":"FRED, Federal Reserve Bank of St. Louis","url":"https://fred.stlouisfed.org/series/WTREGEN","keyShown":"WTREGEN"},"last":{"date":20260916,"value":877028,"ingestedAt":1790199113}},{"code":"us.fed.rrp","name":"Overnight reverse repo","plain":"Money parked at the Fed","unit":"USD bn","freq":"D","kind":"fetched","source":{"publisher":"FRED, Federal Reserve Bank of St. Louis","url":"https://fred.stlouisfed.org/series/RRPONTSYD","keyShown":"RRPONTSYD"},"last":{"date":20260923,"value":0.461,"ingestedAt":1790269373}}]}},"consumers":{"gauges":[{"key":"liquidity","label":"Money in the system","weight":50,"sign":1,"transform":"z_chg13w","window":260}],"indicators":[{"key":"net_liquidity","plainName":"Cash the Fed is leaving in the system","role":"output","formula":"WALCL − Treasury General Account − overnight reverse repo"}],"tripwires":[{"key":"net_liquidity_z","label":"Net liquidity 13-week z > +1"}],"positions":[{"slug":"own-the-world","title":"Own the world","test":"Net dollar liquidity, 13-week change"}]}}