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
2026-07-24

US Liquidity Cycle · bandpass · 2013–presentNet liquidity (WALCL − TGA − RRP) → cycle-band filter, normalized 0–100 · latest months provisional46.3/100 · rising▲ below neutral +2.99% MoM · level $5.99T

RISING · BELOW NEUTRAL

Derived · FRED · 2026-07-23

Liquidity Plumbing

Fed Balance Sheet

$6.74T

▲ +7B

FRED · 2026-07-23

Reverse Repo (ON RRP)

$0.9B

▲ ON RRP

FRED · 2026-07-23

Treasury General Acct

$756B

▼ -18B

FRED · 2026-07-23

Bank Reserves at Fed

$3.14T

▲ +44B

FRED · 2026-07-23

Rates & Curve

2s10s Spread

+0.34%

▼ -5.3bp

Derived 10Y−2Y · 2026-07-24

2Y UST Yield

4.33%

▼ -0.03%

TradingEconomics · 2026-07-24

10Y UST Yield

4.67%

▼ -0.00%

Yahoo · 2026-07-24

SOFR − Fed Funds

-0.5bp

▼ SOFR < policy

Derived · FRED · 2026-07-23

Dollar & Risk

DXY

101.39

▼ -0.07

Yahoo · 2026-07-24

MOVE Index

80.1

▲ +3.8

Yahoo · 2026-07-24

Monetary Inflation Hedge

Gold (XAU)

$4,070

▼ -58

Yahoo · 2026-07-24

Bitcoin

$63,926

▼ -1207

Yahoo · 2026-07-24