Giuseppe GiobbeWhat this research looks at
This part of my research examines US liquidity through the Federal Reserve balance sheet, the Treasury General Account and reverse-repurchase balances. The question is how changes in these components relate to the conditions facing markets.
The components
The Federal Reserve balance sheet provides one view of central-bank assets. The Treasury General Account tracks Treasury cash held at the Federal Reserve. Reverse-repurchase balances add another part of the picture. My notebook looks at these alongside reserves, funding rates and Treasury activity.
Reading the measure in context
I treat a liquidity proxy as one input rather than a complete description of financial conditions. Changes need to be compared with credit, rates and market behaviour. The choice of units, observation dates and lookback window also matters when combining series.
Publication status
This is an introduction to the notebook work. The next publication will include the exact calculation, source-series mapping, charts and limitations. No current liquidity reading or trading signal is published on this page.