Bank reserves and the Fed balance sheet. Reserves are the base money of the financial system; when they get scarce, repo rates spike and risk assets wobble.
What to watch: Reserve balances; total assets. It arrives weekly, and the effect typically lasts months.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
Everything this entry connects to directly. Click any point to follow it.
What moves it
Dials it feeds
This factor is one input to a composite reading on the Analytics page.
Also in Liquidity and market plumbing
- Financial conditions
- Reverse repo facility (RRP)
- Treasury General Account (TGA)
- Repo and money-market rates
- Money market fund assets
- Money supply (M2)
- Global central bank liquidity
- Emergency lending facilities and discount window
- Treasury market liquidity and basis trades
- Stablecoin demand for Treasury bills
- Treasury buyback programme
- Municipal bond market and tax exemption