RatesDeskA dollar bridge from the Fed to the economy: Fed balance sheet, the Treasury General Account and reverse repo set Fed net liquidity; bank lending creates deposits. See who bought new Treasury debt (the Fed, banks, money market funds, foreign central banks), the Treasury quarterly borrowing plan, global central bank liquidity in dollars and the offshore dollar system.
Current readings · Oct 15, 2026
- Fed net liquidity: −$68bn over 3 months
- Money in the economy: +$255bn over 3 months
- Bank credit: +$229bn over 3 months
- Global liquidity: −$53bn over 3 months
- US GDP: $32.6tn
- Federal debt: $40.3tn
- Budget deficit: $1.77tn
- Interest on federal debt: $1.28tn
- Fed balance sheet: $6.75tn
- M2 money supply: $23.34tn
- Bank deposits: $19.69tn
- Bank credit: $19.88tn
- Money market funds: $8.53tn
- Global liquidity: $24.7tn
- Offshore dollar credit: $14.7tn
- Treasuries held abroad: $9.25tn
- Excess money growth: −0.7 pp
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