Macro dashboard
The market’s operating conditions.
Liquidity, the price of money, fear and inflation - the four dials a portfolio manager checks before caring about any chart. Each number comes with its “so what”.
The read · updates with the data
Net liquidity is draining ($5.78T, −$0.09T over 3m) with the reverse-repo buffer fully drained; financial conditions are loose and the curve is positively sloped; volatility is middling (VIX 15.2) and credit spreads are tight at 2.7%; inflation is still hot at 3.5% y/y. In short: a calm tape leaning risk-on - inflation is the thing that can break it.
Liquidity
Draining
Conditions
Loose
Curve
Normal
Risk appetite
Neutral
Inflation
Hot
Liquidity - is there fuel?
Net liquidity
−$0.09T · 3m
draining - liquidity headwind
balance sheet − RRP − TGA · 2026-08-26
Fed balance sheet
+$0.03T · 3m
WALCL · weekly · 2026-08-26
Reverse repo (RRP)
−$2B · 1m
drained - buffer gone
RRPONTSYD · daily · 2026-08-27
Treasury account (TGA)
+$40B · 1m
WTREGEN · weekly · rising TGA drains liquidity · 2026-08-26
M2 money supply y/y
+1.02pp · 1y
money supply growing
M2SL · monthly · 2026-07-01
Financial conditions (NFCI)
−0.06 · 3m
loose - easy conditions
Chicago Fed · 0 = average · 2026-08-21
Rates & curve - the price of money
Fed funds rate
+0.00pp · 1m
effective · daily · 2026-08-26
2-year Treasury
−0.07pp · 1m
policy expectations · 2026-08-26
10-year Treasury
+0.05pp · 1m
the global discount rate · 2026-08-26
Yield curve (10y − 2y)
+0.02pp · 1m
positive slope - normalized
T10Y2Y · 2026-08-27
10y inflation breakeven
+0.07pp · 1m
expectations anchored
market-implied inflation · 2026-08-27
Risk & volatility - how scared is the market?
VIX
−3.0 · 1m
normal range
S&P 500 implied vol · 2026-08-26
High-yield spread
−0.17pp · 1m
tight - credit sees no trouble
ICE BofA HY OAS · 2026-08-26
US dollar index (broad)
−2.4% · 1m
strong $ = global tightening · 2026-08-21
WTI crude
−0.4% · 1m
the inflation wildcard · 2026-08-25
Inflation & growth - is the Fed done?
CPI y/y
−0.19pp · vs prior month
hot - pressure on the Fed
headline · 2026-07-01
Core CPI y/y
−0.02pp · vs prior month
ex food & energy - the Fed's read · 2026-07-01
Unemployment
+0.00pp · 1y
labor market healthy
U-3 · monthly · 2026-07-01
Data: Federal Reserve (FRED), refreshed every 6 hours. Net liquidity = balance sheet − reverse repo − Treasury General Account. Reads are mechanical rules of thumb, not investment advice - pair them with the economic calendar.