Where the dollars actually move.
Net liquidity vs S&P 500
The 52-week correlation is unavailable. Compare the levels without assuming lead-lag.
Net liquidity: Fed total assets − TGA − RRP, via FRED. Weekly. S&P 500: Yahoo Finance.
The components of net liquidity
Fed total assets
FRED, WALCL. Weekly.
Treasury General Account
FRED, WTREGEN. Weekly.
Overnight reverse repo
FRED, RRPONTSYD. Daily.
Net liquidity = Fed assets − TGA − RRP.
Credit spreads
ICE BofA US high-yield and investment-grade option-adjusted spreads, via FRED. Daily, in basis points.
Credit stress
Weighted z-score of US high-yield and investment-grade option-adjusted spreads. Zero is the recent norm; higher is tighter.
Central-bank balance sheets
Each balance sheet starts at 100. The lines show which central-bank balance sheet expanded or contracted most in local-currency terms.
Fed (USD), ECB (EUR), BoJ (JPY) total assets, via FRED. Indexed to 100 at range start.