Limen · Research

Global Liquidity

The plumbing behind risk. Global dollar liquidity, the rates complex, and cross-asset stress — the read that frames every Limen position.

AS OF
2026-09-08

US Liquidity Cycle · bandpass · 2013–presentNet liquidity (WALCL − TGA − RRP) → cycle-band filter, normalized 0–100 · latest months provisional45.8/100 · rising▲ below neutral -0.80% MoM · level $5.78T

RISING · BELOW NEUTRAL

Derived · FRED · 2026-09-03

Liquidity Plumbing

Fed Balance Sheet

$6.73T

▼ -15B

FRED · 2026-09-03

Reverse Repo (ON RRP)

$0.7B

▼ ON RRP

FRED · 2026-09-08

Treasury General Acct

$951B

▼ -3B

FRED · 2026-09-03

Bank Reserves at Fed

$2.92T

▼ -10B

FRED · 2026-09-03

Rates & Curve

2s10s Spread

+0.43%

▲ +4.9bp

Derived 10Y−2Y · 2026-09-08

2Y UST Yield

4.39%

▲ +0.04%

TradingEconomics · 2026-09-08

10Y UST Yield

4.78%

▼ -0.01%

FRED · 2026-09-08

SOFR − Fed Funds

+3.5bp

▲ SOFR ≥ policy

Derived · FRED · 2026-09-08

Dollar & Risk

DXY

98.93

▼ -0.26

Yahoo · 2026-09-07

MOVE Index

73.1

▼ -6.6

Yahoo · 2026-09-08

Monetary Inflation Hedge

Gold (XAU)

$4,472

▼ -5

Yahoo · 2026-09-08

Bitcoin

$79,105

▼ -256

CoinGecko · 2026-09-08