Fed net liquidity: this week's figure and its formula
The Fed's net liquidity this week: its total assets (WALCL), less the Treasury General Account (WDTGAL) and overnight reverse repos (RRPONTSYD), each dated, with its FRED sources.
Its three series
- Fed total assetsWALCL · 21 Oct 2026
- US$6.754tn
- Treasury General AccountWDTGAL · 21 Oct 2026
- -US$945.2bn
- Reverse reposRRPONTSYD · 27 Oct 2026
- -US$200m
As at 21 October 2026
- Net liquidity
- US$5.808tn
- Over 4 weeks
- +US$8bn
Sources: the Fed (H.4.1) and the New York Fed, via FRED. Calculated by CentraFIN, read every hour.
The Fed's net liquidity, as CentraFIN calculates it, is the Federal Reserve's total assets, less the US Treasury General Account and less overnight reverse repos. It is not a statistic the Fed publishes: it is a calculation made from three public series, which the table above shows with the date of each.
The formula
Net liquidity = WALCL − WDTGAL − RRPONTSYD
WALCL and WDTGAL are published in millions of dollars, RRPONTSYD in billions: CentraFIN converts all three to billions before subtracting them. The first two are Wednesday levels; CentraFIN takes the reverse repos of the same Wednesday, or of the last day published before it.
The three series
| Series | What it measures | Unit | Frequency | Source |
|---|---|---|---|---|
| WALCL | The Fed's total assets | Millions of dollars | Weekly, as at Wednesday | Fed, H.4.1 release |
| WDTGAL | The US Treasury General Account at the Fed | Millions of dollars | Weekly, as at Wednesday | Fed, H.4.1 release |
| RRPONTSYD | Overnight reverse repos: the Treasury securities the Fed sells while agreeing to buy them back | Billions of dollars | Daily | New York Fed |
In the H.4.1 release, the Treasury General Account and reverse repos are among the factors, other than banks' reserve balances, that absorb reserve funds: that is why this calculation deducts them from the assets.
An example: 21 October 2026
| Series | Published value | In billions of dollars |
|---|---|---|
| WALCL | 6,753,604 million | 6,753.604 |
| WDTGAL | 945,153 million | 945.153 |
| RRPONTSYD | 0.237 billion | 0.237 |
6,753.604 − 945.153 − 0.237 = 5,808.214 billion dollars, or about $5,808 billion of net liquidity on Wednesday 21 October 2026.
When the figure changes
The Fed publishes the H.4.1 release every Thursday, generally at 4.30pm US Eastern Time, with Wednesday's figures; a federal holiday moves it to the next working day. The New York Fed publishes reverse repos every day. CentraFIN reads these three series on FRED every hour and recalculates the figure above.
This figure is one of the macro indicators CentraFIN follows for its market analyses, alongside interest rates and inflation.
Sources
- FRED: WALCL, the Fed's total assets
- FRED: WDTGAL, the Treasury General Account
- FRED: RRPONTSYD, overnight reverse repos (New York Fed)
- Fed: the H.4.1 release
Frequently asked questions
Is net liquidity an official Fed figure?
No. The Fed publishes its assets and the Treasury General Account, and the New York Fed publishes reverse repos; net liquidity is a calculation made from these three series.
Why deduct the Treasury account and reverse repos?
Because the H.4.1 release counts them among the factors, other than banks' reserve balances, that absorb reserve funds.
How often does the figure change?
Every week: on Thursday, the Fed publishes Wednesday's assets and Treasury General Account. This page reads the series every hour.
Over what period is the change calculated?
Over 4 weeks: it compares the figure's Wednesday with the Wednesday published at least 28 days earlier, each with its own Treasury account and reverse repos.
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