Liquidity, defined
No mystery composite
Liquidity is a set of balance-sheet and funding conditions—not a universal line that mechanically predicts asset prices.
Fed total assets
$6.80tn
● Current · 6 Aug 2026
Total factors supplying reserve funds
Reverse repos
$319bn
● Current · 6 Aug 2026
Liability-side money-market facility
Central-bank swaps
$0.15bn
● Current · 6 Aug 2026
Dollar funding backstop usage
What is included
- • Central-bank asset composition
- • Treasury cash and reverse repos
- • Bank reserves and money-market rates
- • Private credit growth and funding spreads
- • Dollar funding stress
What is not claimed
An increase in one central-bank balance sheet is not automatically “global liquidity expansion.” Currency conversion, double counting, private credit, Treasury operations and asset demand all matter.
Federal Reserve H.4.1 source ↗