Macro dashboard
Liquidity, rates, volatility and inflation.
Liquidity, interest rates, volatility and inflation are the four readings a portfolio manager checks before any chart. Each number comes with a plain-language read of what it usually means for traders.
The read · updates with the data
Net liquidity is draining ($5.86T, −$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 15.4) and credit spreads are tight at 3.1%; inflation is still hot at 3.7% y/y. In short: a calm backdrop leaning risk-on, with inflation as the main risk.
Liquidity
Draining
Conditions
Loose
Curve
Normal
Risk appetite
Neutral
Inflation
Hot
Liquidity - the funding backdrop
Net liquidity
−$0.09T · 3m
draining - liquidity headwind
balance sheet − RRP − TGA · 2026-10-07
Fed balance sheet
+$0.01T · 3m
WALCL · weekly · 2026-10-07
Reverse repo (RRP)
−$4B · 1m
drained - buffer gone
RRPONTSYD · daily · 2026-10-09
Treasury account (TGA)
−$3B · 1m
WTREGEN · weekly · rising TGA drains liquidity · 2026-10-07
M2 money supply y/y
+1.41pp · 1y
money supply growing
M2SL · monthly · 2026-08-01
Financial conditions (NFCI)
+0.02 · 3m
loose - easy conditions
Chicago Fed · 0 = average · 2026-10-02
Rates & curve - the price of money
Fed funds rate
+0.00pp · 1m
effective · daily · 2026-10-08
2-year Treasury
+0.32pp · 1m
policy expectations · 2026-10-08
10-year Treasury
+0.39pp · 1m
the global discount rate · 2026-10-08
Yield curve (10y − 2y)
+0.05pp · 1m
positive slope - normalized
T10Y2Y · 2026-10-09
10y inflation breakeven
−0.07pp · 1m
expectations anchored
market-implied inflation · 2026-10-09
Risk & volatility - market stress
VIX
−1.1 · 1m
normal range
S&P 500 implied vol · 2026-10-08
High-yield spread
+0.44pp · 1m
tight - credit markets calm
ICE BofA HY OAS · 2026-10-08
US dollar index (broad)
+2.4% · 1m
strong $ = global tightening · 2026-10-02
WTI crude
+3.8% · 1m
the main inflation input · 2026-10-06
Inflation & growth - the Fed's constraints
CPI y/y
+0.17pp · vs prior month
hot - pressure on the Fed
headline · 2026-08-01
Core CPI y/y
−0.02pp · vs prior month
ex food & energy - the Fed's read · 2026-08-01
Unemployment
−0.10pp · 1y
labor market healthy
U-3 · monthly · 2026-09-01
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. Traders can pair them with the economic calendar.