Net Liquidity = Fed balance sheet − reverse repo − TGA: $5.87 trillion as of 2026-10-14 (balance sheet $6.76T, TGA $0.89T, reverse repo $0T). The liquidity monitor charts it weekly against the S&P 500 — the line traders overlay on equities — with the two drains, total bank credit and the loan-officer survey. Money growth is the upstream of the prices this site measures daily.
Two layers of the monetary system. The first is the money supply: M2 (currency, checking and savings deposits, retail money-market funds) and its growth rate, the quantity theory's left-hand side. The second is the plumbing traders watch week to week: the Federal Reserve's balance sheet and the two accounts that drain cash from markets — the Treasury General Account and the overnight reverse-repo facility — netted into one line. M2 was $23.34 trillion in August 2026, +5.7% year over year. M2 velocity — nominal GDP divided by M2, how many times a dollar turns over in a year — was 1.42 in April 2026. Retail money-market funds held $3.07 trillion (August 2026), the cash hoard that earns the policy rate while it waits.
Net liquidity = Fed balance sheet − overnight reverse repo − Treasury General Account, each at its Wednesday level. On October 14, 2026 it was $5.87 trillion (balance sheet $6.76T, TGA $0.89T, reverse repo $0T), against $5.74T a year earlier (October 15, 2025); the series high in this window was $7.09T on November 24, 2021. When the balance sheet shrinks (quantitative tightening) or the TGA refills after a debt-ceiling episode, cash leaves the banking system; when reverse repo drains, cash returns to markets even with the balance sheet flat. Whether the line drives equities or merely rhymes with them is contested; the S&P 500 is charted against it so the reader can judge (S&P 500 7,719 on October 14, 2026).
Bank reserves at the Fed were $3.02 trillion on October 14, 2026; currency in circulation $2.49T (week of October 14, 2026). Total bank credit was $19.95 trillion (October 7, 2026), +6.2% over the year; credit growth is how money supply becomes spending. In the Senior Loan Officer Survey, 0.0% of banks (net) reported tightening standards on commercial and industrial loans in the July 2026 survey — positive means credit is getting harder to obtain.
Money growth is the upstream of the prices this site measures daily; the lag from M2 to consumer prices is long and variable, which is why the two are charted rather than modeled. Today M2 grows +5.7% a year while the Gauge reads 3.45% and the official CPI 3.7%. None of these series feeds the Gauge; they are context for it. Sources: Federal Reserve H.6 and H.4.1 releases and the H.8 bank-credit release via FRED, the New York Fed's reverse-repo operations, Treasury FiscalData for the TGA.