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 flat at $5.96T with the reverse-repo buffer fully drained; financial conditions are loose and the curve is positively sloped; volatility is middling (VIX 16.5) and credit spreads are tight at 2.7%; inflation is still hot at 3.7% y/y. In short: a calm tape leaning risk-on — inflation is the thing that can break it.
Liquidity
Flat
Conditions
Loose
Curve
Normal
Risk appetite
Neutral
Inflation
Hot
Liquidity — is there fuel?
Net liquidity
+$0.01T · 3m
flat
balance sheet − RRP − TGA · 2026-07-08
Fed balance sheet
+$0.04T · 3m
WALCL · weekly · 2026-07-08
Reverse repo (RRP)
−$0B · 1m
drained — buffer gone
RRPONTSYD · daily · 2026-07-14
Treasury account (TGA)
−$54B · 1m
WTREGEN · weekly · rising TGA drains liquidity · 2026-07-08
M2 money supply y/y
+1.71pp · 1y
money supply growing
M2SL · monthly · 2026-05-01
Financial conditions (NFCI)
−0.07 · 3m
loose — easy conditions
Chicago Fed · 0 = average · 2026-07-10
Rates & curve — the price of money
Fed funds rate
−0.01pp · 1m
effective · daily · 2026-07-13
2-year Treasury
+0.13pp · 1m
policy expectations · 2026-07-13
10-year Treasury
+0.07pp · 1m
the global discount rate · 2026-07-13
Yield curve (10y − 2y)
+0.00pp · 1m
positive slope — normalized
T10Y2Y · 2026-07-14
10y inflation breakeven
−0.04pp · 1m
expectations anchored
market-implied inflation · 2026-07-14
Risk & volatility — how scared is the market?
VIX
+0.3 · 1m
normal range
S&P 500 implied vol · 2026-07-14
High-yield spread
−0.02pp · 1m
tight — credit sees no trouble
ICE BofA HY OAS · 2026-07-13
US dollar index (broad)
+0.5% · 1m
strong $ = global tightening · 2026-07-10
WTI crude
−30.2% · 1m
the inflation wildcard · 2026-07-06
Inflation & growth — is the Fed done?
CPI y/y
−0.54pp · vs prior month
hot — pressure on the Fed
headline · 2026-06-01
Core CPI y/y
−0.15pp · vs prior month
ex food & energy — the Fed's read · 2026-06-01
Unemployment
−0.10pp · 1y
labor market healthy
U-3 · monthly · 2026-06-01
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.