Live Data · Daily Treasury Statement, New York Fed, H.4.1

Fed Liquidity Tracker: TGA, Reverse Repo, Bank Reserves and Net Liquidity

Daily Treasury and Fed data tracking cash at the Treasury, overnight reverse repo, bank reserves and Fed net liquidity.

Data as of · TGA through Oct 20 · reverse repo through Oct 21 · H.4.1 through Wednesday Oct 14 · net liquidity Oct 14

Latest Fed liquidity: Oct 21, 2026

TGA

$973.7B

Oct 20, 2026 · +$8.6B on the day

ON RRP

$237M

Oct 21, 2026 · +$10M on the day

Bank reserves, Wednesday

$3.03T

Oct 14, 2026 · +$8.8B on the week · WRESBAL week average $3.02T

Net liquidity

$5.87T

Oct 14, 2026 · +$10.2B on the week · running estimate $5.78T, Oct 21, 2026

As of Oct 21, 2026, TGA held $973.7B, ON RRP held $237M and Wednesday bank reserves stood at $3.03T, each at the date shown above. Fed net liquidity, the Federal Reserve's total assets minus the Treasury General Account minus overnight reverse repo, was $5.87T on Wednesday, Oct 14, 2026, up $10.2B on the week.

The three series, each at its own frequency

━ Bank reserves (weekly, Wednesdays) · ━ TGA (daily) · ━ ON RRP (daily) · weekly series are drawn through their Wednesday observations only, with a dot on each in the one-year view; the days between are not observed · the five-year view shows the last observation of each week · views longer than ten years show the last published observation of each month for every series

The latest observation of each series

The latest observation of each US liquidity series, with its date and change
SeriesLatestChange
Treasury General AccountTue Oct 20$973.7B+$8.6Bon the day
Overnight Reverse RepoWed Oct 21$237M+$10Mon the day
Bank ReservesWed Oct 14 · weekly$3.03T+$8.8Bon the week
Net LiquidityWed Oct 14 · weekly$5.87T+$10.2Bon the week
Net liquidity, running estimateTFTC estimate · as of Oct 21$5.78T−$87.9Bsince Wednesday

Latest = the newest published observation of each series, with the day it is for. Change = versus the previous observation of the same series (the prior business day for the daily series, the prior Wednesday for the weekly ones). The TGA and reverse repo are daily; reserves and the Fed's assets are published once a week as a Wednesday level, and the days between are not observed. Net liquidity is TFTC's arithmetic (Fed assets minus TGA minus reverse repo) on Wednesdays only; the running estimate carries the Fed's assets forward and is replaced when the next H.4.1 posts.

Fed total assets

$6.76T

Wednesday Oct 14, 2026 · H.4.1

Net Liquidity, a Year Ago

$5.79T

Wednesday Oct 8, 2025

Reverse Repo at Its Peak

$2.55T

Dec 30, 2022 · now $237M

TGA, a Year Ago

$905.8B

Oct 20, 2025 · now $973.7B

Fed net liquidity: Fed assets minus TGA minus reverse repo

Net liquidity is the market's standard formula, Fed total assets minus the Treasury General Account minus overnight reverse repo, computed by TFTC from official Fed and Treasury data. It is not a Federal Reserve series. Fed net liquidity, the Federal Reserve's total assets minus the Treasury General Account minus overnight reverse repo, was $5.87T on Wednesday, Oct 14, 2026: Fed assets of $6.76T less a TGA of $885.8B and reverse repo of $201M, up $10.2B on the week and up $78.1B from a year earlier.

Fed assets

$6.76T

Oct 14

TGA

$885.8B

Oct 14

ON RRP

$201M

Oct 14

Net liquidity

$5.87T

Wednesday Oct 14

Every Wednesday since 2013, with each component and its date →

Where each series comes from

Two of these series are daily and two are weekly, so this tracker computes net liquidity only on Wednesdays, when every input is observed, and labels anything between as an estimate. A holiday Wednesday can carry the prior business day's daily input; the component dates show that exception.

Liquidity publishers, release schedules and FRED series
SeriesPublisher and releaseFRED comparison
Treasury General AccountUS Treasury; published the next business day, around 4:00 pm EasternWDTGAL: Wednesday; WTREGEN: week average
Overnight Reverse RepoNew York Fed; results post at 1:15 pm Eastern on the dayRRPONTSYD
Bank ReservesBoard of Governors, via FRED; Thursdays at 4:30 pm Eastern, for the Wednesday just passedWRBWFRBL: Wednesday; WRESBAL: week average
Net LiquidityTFTC from Treasury and Fed data; computed for each Wednesday once the H.4.1 posts on ThursdayWALCL minus dated TGA minus ON RRP
Fed total assetsBoard of Governors, H.4.1; Thursday 4:30 pm EasternWALCL, Wednesday level

Reserve balances and total assets are retrieved from FRED, Federal Reserve Bank of St. Louis, with the Board of Governors as the original source. The daily series retain their own dates. This avoids presenting a daily TGA close as though it were the same measurement as a weekly average.

Does Fed liquidity move bitcoin?

These series describe part of the dollar funding system. They can show whether the Treasury is building cash, whether money funds are using the Fed's overnight facility, and how reserve balances change from one Wednesday to the next. They do not measure how much money reaches bitcoin exchanges or how much investors intend to spend on bitcoin.

This page contains no bitcoin price series and estimates no statistical relationship between liquidity and returns. A rise in the net formula therefore cannot establish that bitcoin will rise, or that a move will arrive after a fixed delay. A useful comparison would need a stated sample, consistent observation dates and a test that also considers changes in interest rates and market demand. Choosing a lag after looking at prices can make a weak relationship appear stronger.

Use the component dates and the observed Wednesday series to inspect funding changes. Treat the running estimate as an estimate of the formula, with weekly Fed assets carried forward. It is not a forecast of bitcoin or stocks.

How should I read these series?

The Treasury General Account
The Treasury General Account is the US Treasury's checking account at the Federal Reserve. Tax receipts and debt sales flow in, spending and debt redemptions flow out, and because the account sits on the Fed's balance sheet, a rising balance pulls reserves out of the banking system and a falling one puts them back. Tax days and big settlement days swing it by hundreds of billions; the figure here is the closing balance in the Daily Treasury Statement, published the next business day.
Overnight reverse repo
The overnight reverse repo facility lets money market funds, banks and government-sponsored enterprises park cash at the Fed overnight against Treasury collateral at a fixed rate. Cash in the facility is cash that is not in bank reserves, so the daily take is read as a gauge of surplus liquidity in the money markets. The facility held more than $2.5 trillion at the end of 2022 and has since drained to a small fraction of that; the figure here is the total accepted at each day's regular operation.
Bank reserves
Bank reserves are the deposits commercial banks hold at the Federal Reserve. They are the base money the banking system settles in, and the Fed's balance sheet, the TGA and the reverse repo facility are the three main things that add to or drain them. The Fed publishes the level once a week, as of Wednesday, in the H.4.1 release on Thursday afternoon. There is no daily figure, and this page does not invent one.
Why Wednesday
Two of the series are daily and two are weekly, so there is exactly one day a week, Wednesday, on which the Fed's assets, the TGA and the reverse repo are all observed. Net liquidity is computed for those days and nothing in between. Between Wednesdays the running estimate carries the Fed's assets forward and says so.

Why we track this

These are the plumbing figures behind every argument about dollar liquidity. When the Treasury rebuilds its cash balance after a debt ceiling, when money funds pull out of the reverse repo facility to buy bills, when the Fed lets its balance sheet run off, the changes can be compared in these accounts. The bitcoin and liquidity debate runs on the net figure; the three series behind it are published by the Treasury and the Fed every day and every week, and this page keeps them side by side without blurring how often each one is observed.

The front end of the Treasury market, where the same cash goes next, is on the T-bill rates tracker, and the auctions that build the TGA are on the Treasury auction tracker.

Further reading from TFTC

Free to use

Cite or embed this data

US-government source figures are public domain. TFTC's compilation, net-liquidity calculation and chart are licensed under CC BY 4.0. Credit TFTC with a link to this page when reusing those contributions. Credit the Board of Governors as original source and FRED, Federal Reserve Bank of St. Louis as retrieval service. FRED terms and the New York Fed Terms of Use and content-specific restrictions continue to apply; no endorsement is implied.

Credit line

Data: TFTC Fed Liquidity Tracker (tftc.io/us-liquidity), from the Daily Treasury Statement, the New York Fed and the Federal Reserve H.4.1 via FRED, data through 2026-10-21. US-government source figures are public domain; TFTC’s compilation, net-liquidity calculation and chart are CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Credit the Board of Governors as original source and FRED, Federal Reserve Bank of St. Louis as retrieval service. Upstream terms remain applicable; no endorsement is implied.

Embed the chart (updates daily)

<a href="https://www.tftc.io/us-liquidity"><img src="https://www.tftc.io/us-liquidity/email-card" width="600" alt="Fed net liquidity, last two years of Wednesday observations, from TFTC" /></a>
<p>Data: <a href="https://www.tftc.io/us-liquidity">TFTC Fed Liquidity Tracker</a>, from the Daily Treasury Statement, the New York Fed and the Federal Reserve H.4.1 via FRED. US-government source figures are public domain; TFTC’s compilation, net-liquidity calculation and chart are <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a>. Credit the Board of Governors as original source and FRED, Federal Reserve Bank of St. Louis as retrieval service. <a href="https://fred.stlouisfed.org/legal/">FRED terms</a> and the <a href="https://www.newyorkfed.org/privacy/termsofuse">New York Fed Terms of Use</a> and content-specific restrictions continue to apply; no endorsement is implied.</p>
Preview of the embeddable Fed net liquidity chart

Need the raw series? The full series history is open JSON at /us-liquidity/data.json and the newest observation of TGA, ON RRP, reserves, Fed assets and Wednesday net liquidity, each with its own date, plus TFTC's running net-liquidity estimate are at /us-liquidity/latest.json. Sources, formulas and changes are on the methodology page.

Frequently Asked Questions

What is the Treasury General Account balance today?
The Treasury General Account (TGA), the US government's checking account at the Federal Reserve Bank of New York, closed at $973.7B on Tuesday, Oct 20, 2026, up $8.6B on the day, according to the Daily Treasury Statement and up $67.9B from a year earlier ($905.8B on Oct 20, 2025). Deposits that day were $322.0B and withdrawals $313.4B. The Treasury General Account is the US Treasury's checking account at the Federal Reserve. Tax receipts and debt sales flow in, spending and debt redemptions flow out, and because the account sits on the Fed's balance sheet, a rising balance pulls reserves out of the banking system and a falling one puts them back.
How much is in the Fed's reverse repo facility?
The Fed's overnight reverse repo facility (ON RRP), where money market funds and banks park cash at the New York Fed overnight, took $237M on Wednesday, Oct 21, 2026 from 13 counterparties at an award rate of 3.75%, up $10M from Oct 20, 2026 and down $4.5B from a year earlier. The facility peaked at $2.55T on Dec 30, 2022. The overnight reverse repo facility lets money market funds, banks and government-sponsored enterprises park cash at the Fed overnight against Treasury collateral at a fixed rate. Cash in the facility is cash that is not in bank reserves, so the daily take is read as a gauge of surplus liquidity in the money markets.
What are bank reserves right now?
Banks held $3.03T in reserve balances at the Federal Reserve on Wednesday, Oct 14, 2026, the H.4.1 Wednesday level, up $8.8B on the week; the week average that FRED lists as WRESBAL was $3.02T. Bank reserves are the deposits commercial banks hold at the Federal Reserve. They are the base money the banking system settles in, and the Fed's balance sheet, the TGA and the reverse repo facility are the three main things that add to or drain them.
What is net liquidity and how is it calculated?
Net liquidity is the market's standard formula, Fed total assets minus the Treasury General Account minus overnight reverse repo, computed by TFTC from official Fed and Treasury data. It is not a Federal Reserve series. Fed net liquidity, the Federal Reserve's total assets minus the Treasury General Account minus overnight reverse repo, was $5.87T on Wednesday, Oct 14, 2026: Fed assets of $6.76T less a TGA of $885.8B and reverse repo of $201M, up $10.2B on the week and up $78.1B from a year earlier. TFTC's running estimate as of Oct 21, 2026 is $5.78T (down $87.9B since Wednesday), using the TGA of Oct 20, 2026 and the reverse repo of Oct 21, 2026 against Fed assets carried from Oct 14, 2026; the next H.4.1 replaces it. It is computed only for Wednesdays, the one day each week on which all three components are observed; between Wednesdays TFTC shows a running estimate that carries the Fed's assets forward and is labelled as such.
Why are the TGA and reverse repo daily but reserves weekly?
The Treasury reports its cash position every business day in the Daily Treasury Statement and the New York Fed settles a reverse repo operation every business day, so both series have a value for each day. The Fed publishes its balance sheet, which is where reserve balances and total assets come from, once a week in the H.4.1, as a level for Wednesday. This tracker never fills the days between Wednesdays with made-up values; weekly series are drawn and tabulated as weekly observations.
When does this data update?
The Treasury publishes each day's statement the next business day around 4:00 pm Eastern, the New York Fed posts the reverse repo result at 1:15 pm Eastern the same day, and the Fed releases the H.4.1 on Thursdays at 4:30 pm Eastern with the Wednesday level. The pages refresh shortly after each release.
Where does this data come from?
The TGA is the closing balance in the Daily Treasury Statement, from the US Treasury's Fiscal Data API. The reverse repo figure is the total accepted at the New York Fed's regular overnight operation, from its public operations API. Reserves and fed total assets are the Wednesday levels in the Federal Reserve's H.4.1 statistical release, read through FRED. Net liquidity is TFTC's arithmetic from those figures; the methodology page lists every rule.
Does Fed liquidity drive the bitcoin price?
These balance-sheet series can help describe funding conditions. This page has no bitcoin price series or causal model, so it cannot establish a stable relationship, a trading signal or a lead time for bitcoin returns.
Where can I track the TGA, reverse repo and bank reserves daily?
This tracker shows daily Treasury General Account and overnight reverse repo observations, plus weekly bank reserves. Reserves are reported weekly in H.4.1, so there is no official daily reserves observation here.

Data: US Department of the Treasury, Daily Treasury Statement (TGA, since October 2005); Federal Reserve Bank of New York, reverse repo operations (since September 2013); Federal Reserve, H.4.1 via FRED (reserves and total assets, Wednesday levels, since December 2002). Net liquidity is TFTC's arithmetic from those figures. Every observation as open JSON (CC BY 4.0, cite TFTC), the newest of each series as latest.json. How the data is built: methodology and changelog. Not investment advice.

History by year

TGA history by year: 2005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

ON RRP history by year: 20132014201520162017201820192020202120222023202420252026

Reserves history by year: 2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026

Net liquidity history by year: 20132014201520162017201820192020202120222023202420252026

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