Global liquidity monitor
How much money is moving through the world's largest financial systems — tracked across the major central banks, the cross-border credit they backstop, and the policy rates they set. Updated as each source publishes (weekly, monthly, quarterly).
Today’s read
Mixed
Scale runs from −1 (tight) to +1(loose). Above +0.20 = expanding, between−0.20 and +0.20 = mixed, below−0.20 = contracting.
Real-Time Pulse
5.81TUSD
The Federal Reserve's balance sheet minus cash parked by money-market funds (reverse repos) and the US Treasury's account. When this number rises, the Fed is putting more money into the financial system — a signal that US liquidity conditions are easing.
Source: Federal Reserve H.4.1 via FRED
Full ledger
Every signal feeding the gauge, with its latest value, trajectory, and weight in the composite. Click any row for the full history chart. Dots in the Weight column reflect editorial emphasis — a judgment call, not a statistical score.
Change column:YoY = vs. the same period a year ago ·WoW = vs. the previous week ·12m = change in percentage points over roughly 12 months.
| Signal | What it shows | Current | Path | Change | Weight |
|---|---|---|---|---|---|
| Global aggregate■ Quarterly · BIS GLI | Total cross-border lending (loans plus bonds) divided by world GDP. | 47.3% of GDP | +2.0%YoY | ||
| Currency component■ Quarterly · BIS GLI | Same cross-border lending pool, but measured in US dollars instead of as a share of GDP. | —USD (BIS) | — | — | |
| Credit component■ Quarterly · BIS GLI | Cross-border credit to non-banks (companies, governments) as a share of world GDP. | —% of GDP | — | — | |
| Banking sector■ Quarterly · BIS GLI | Cross-border credit to banks themselves, as a share of world GDP. | —% of GDP | — | — | |
| Bond markets■ Quarterly · BIS GLI | Year-over-year growth in emerging-market bond issuance. | —YoY % | — | — | |
| Cross-border flows■ Quarterly · BIS GLI | Non-bank cross-border credit (debt securities plus non-bank loans) as a share of world GDP. | 6.29% of GDP | -3.6%YoY | ||
| Fed net liquidity (US)■ Weekly · FRED | Fed balance sheet minus overnight reverse repo and the Treasury General Account—a weekly US market-liquidity proxy. | $5.81TUSD (derived) | -1.0%WoW | ||
| United States policy rate■ Monthly · BIS WS_CBPOL | Official central bank policy rate published by the BIS (monthly). Compares the latest print with the prior month and the change over the last year. | 3.88%% p.a. | -0.25 pp12m | ||
| Euro Area policy rate■ Monthly · BIS WS_CBPOL | Official central bank policy rate published by the BIS (monthly). Compares the latest print with the prior month and the change over the last year. | 2.50%% p.a. | +0.50 pp12m | ||
| Japan policy rate■ Monthly · BIS WS_CBPOL | Official central bank policy rate published by the BIS (monthly). Compares the latest print with the prior month and the change over the last year. | 1.25%% p.a. | +0.75 pp12m | ||
| China policy rate■ Monthly · BIS WS_CBPOL | Official central bank policy rate published by the BIS (monthly). Compares the latest print with the prior month and the change over the last year. | 3.00%% p.a. | 0.00 pp12m | ||
| United Kingdom policy rate■ Monthly · BIS WS_CBPOL | Official central bank policy rate published by the BIS (monthly). Compares the latest print with the prior month and the change over the last year. | 3.75%% p.a. | -0.25 pp12m |
G3 balance sheets
G3 = the Federal Reserve, European Central Bank, and Bank of Japan — the three central banks whose balance sheets set the tone for global liquidity. Shown as gross asset size (not the Fed "net liquidity" strip above), converted to USD using daily FX rates. Fed and ECB report weekly; Bank of Japan reports monthly, so its line steps when new data arrives.
FRED: WALCL (USD millions), ECBASSETSW (EUR millions), JPNASSETS (100 million yen per unit). FX: DEXUSEU (USD per EUR), DEXJPUS (JPY per USD). BoJ is monthly—values step when new data prints. Values are in USD trillions on a shared vertical scale.
Monetary policy
Monthly official rates from the BIS WS_CBPOL dataflow—fresher than the quarterly liquidity stock indicators. The “12m” column is the change in percentage points versus about a year ago.
Each colored line is one jurisdiction's official policy rate. Turn them on or off to compare — values are annualized percent on a shared scale, dated monthly.
| Jurisdiction | Latest | Prior month | ~12m |
|---|---|---|---|
| United States | 3.88%2026-09-30 | 3.63% | -0.25 pp |
| Euro Area | 2.50%2026-09-30 | 2.25% | +0.50 pp |
| Japan | 1.25%2026-09-30 | 1.00% | +0.75 pp |
| China | 3.00%2026-09-30 | 3.00% | 0.00 pp |
| United Kingdom | 3.75%2026-09-30 | 3.75% | -0.25 pp |
History
Each colored line is one measure from the source shown above. Turn them on or off to compare—when most climb together, money is usually easier to find overall; when they split apart, stress is building in one corner of the system.
BIS series are indexed to their first available observation so mixed source units can be compared on one vertical scale.
WALCL − RRPONTSYD −WDTGAL: total Fed assets minus overnight reverse repurchase agreements (money-market cash at the Fed) minus the US Treasury General Account at the Fed — a common weekly net-liquidity shorthand tied to H.4.1.
Series are from the Federal Reserve H.4.1 release onThursdays, carried on FRED with roughly a3–4 day lag relative to the as-of Wednesday close.
Educational context
This page pulls together public data for curiosity and discussion. I do not offer financial services, investment advice, or tailored recommendations. If you spot a data issue, have a methodological question, or just want to say hi about engineering or writing, you are welcome to reach out.