Funding & Liquidity

Policy → unsecured funding → secured funding → liquidity → dealer absorption.

LATEST OBSERVATION2026-10-29Oldest input 2026-10-28 · per-row dates below

COVERAGE7 signalsAcross 1 risk block

THRESHOLD FLAGS0 large movesTransparent rules, not a risk score

FRESHNESS0 staleSource-specific update cadence

Reading this board Observation windows, timestamps & citations

Each row has its own observation date. Δ 1 obs / Δ 5 obs = change over 1 / 5 observations: days for daily data, periods for lagged, weekly or monthly data. Expand any flag for its rule, comparison dates and source citations.

Generated 2026-10-30 07:15 UTC · Structured JSON

Funding / Liquidity

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Funding / Liquidity: latest values, observation changes, thresholds and sources
Indicator / date	Current	Δ 1 obs	Δ 5 obs	Flag / evidence	Freshness / quality
SOFR 2026-10-28 · 2 trading days old · daily	3.94%	-1.0 bp	+6.0 bp	Within rule Alert when absolute change from previous observed date exceeds 10 bp. Configured monitoring threshold; not a risk score. Formula: NYFED_SOFR 1 interval: 2026-10-27 → 2026-10-28 Absolute move percentile: 52.31th over trailing 2Y (497 prior intervals) · BELOW_95TH_PERCENTILE 5 intervals: 2026-10-21 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. NYFED · NYFED_SOFR 3.94% · 2026-10-28 · revision 0 PRIMARY · redistribution: OPEN Ingested 2026-10-29T13:01:26.957483Z NYFED	Fresh valid
SOFR − IORB 2026-10-28 · 2 trading days old · daily	4.0 bp	-1.0 bp	+6.0 bp	Within rule Alert when absolute change from previous observed date exceeds 5 bp. Configured monitoring threshold; not a risk score. Formula: (NYFED_SOFR - RATE_IORB) * 100 1 interval: 2026-10-27 → 2026-10-28 Absolute move percentile: 51.92th over trailing 2Y (287 prior intervals) · BELOW_95TH_PERCENTILE 5 intervals: 2026-10-21 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. Spread uses latest common date; one or more legs have newer observations NYFED · NYFED_SOFR 3.94% · 2026-10-28 · revision 0 PRIMARY · redistribution: OPEN Ingested 2026-10-29T13:01:26.957483Z FED · RATE_IORB 3.90% · 2026-10-28 · revision 0 OFFICIAL_REPUBLISHED · redistribution: OPEN Ingested 2026-10-28T01:30:49.534825Z NYFED / FED	Fresh valid
EFFR − IORB 2026-10-28 · 2 trading days old · daily	-2.0 bp	0.0 bp	0.0 bp	Within rule Alert when absolute change from previous observed date exceeds 5 bp. Configured monitoring threshold; not a risk score. Formula: (NYFED_EFFR - RATE_IORB) * 100 1 interval: 2026-10-27 → 2026-10-28 Absolute move percentile: 95.5th over trailing 2Y (289 prior intervals) · ABSOLUTE_MOVE_AT_OR_ABOVE_95TH_PERCENTILE 5 intervals: 2026-10-21 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. Spread uses latest common date; one or more legs have newer observations NYFED · NYFED_EFFR 3.88% · 2026-10-28 · revision 0 PRIMARY · redistribution: OPEN Ingested 2026-10-29T13:01:28.062420Z FED · RATE_IORB 3.90% · 2026-10-28 · revision 0 OFFICIAL_REPUBLISHED · redistribution: OPEN Ingested 2026-10-28T01:30:49.534825Z NYFED / FED	Fresh valid
SOFR P99 − median 2026-10-28 · 2 trading days old · daily	8.0 bp	-1.0 bp	0.0 bp	Within rule Alert when absolute change from previous observed date exceeds 5 bp. Configured monitoring threshold; not a risk score. Formula: (NYFED_SOFR_P99 - NYFED_SOFR) * 100 1 interval: 2026-10-27 → 2026-10-28 Absolute move percentile: 78.87th over trailing 2Y (497 prior intervals) · BELOW_95TH_PERCENTILE 5 intervals: 2026-10-21 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. NYFED · NYFED_SOFR_P99 4.02% · 2026-10-28 · revision 0 PRIMARY · redistribution: OPEN Ingested 2026-10-29T13:01:26.917838Z NYFED · NYFED_SOFR 3.94% · 2026-10-28 · revision 0 PRIMARY · redistribution: OPEN Ingested 2026-10-29T13:01:26.957483Z NYFED	Fresh valid
TGA (H.4.1 weekly) 2026-10-28 · weekly	999.7 USD bn	+47.7 USD bn	+22.6 USD bn	Within rule Alert when absolute change from previous observed date exceeds 50000 USD millions. Configured monitoring threshold; not a risk score. Formula: LIQ_TGA 1 interval: 2026-10-21 → 2026-10-28 5 intervals: 2026-09-23 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. WEEKLY: changes are observed periods, not current daily moves FED · LIQ_TGA 999.7 USD bn · 2026-10-28 · revision 0 OFFICIAL_REPUBLISHED · redistribution: OPEN Ingested 2026-10-30T01:30:43.017392Z FED	Fresh valid
Bank reserves 2026-10-28 · weekly	2,893.8 USD bn	-68.8 USD bn	-36.4 USD bn	Within rule Alert when absolute change from previous observed date exceeds 100000 USD millions. Configured monitoring threshold; not a risk score. Formula: LIQ_RESERVES 1 interval: 2026-10-21 → 2026-10-28 5 intervals: 2026-09-23 → 2026-10-28 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. WEEKLY: changes are observed periods, not current daily moves FED · LIQ_RESERVES 2,893.8 USD bn · 2026-10-28 · revision 0 OFFICIAL_REPUBLISHED · redistribution: OPEN Ingested 2026-10-30T01:30:42.997607Z FED	Fresh valid
ON RRP 2026-10-29 · daily	353.0 USD mn	+177.0 USD mn	+2.0 USD mn	Within rule Alert when absolute change from previous observed date exceeds 50 USD billions. Configured monitoring threshold; not a risk score. Formula: LIQ_ON_RRP 1 interval: 2026-10-28 → 2026-10-29 Absolute move percentile: 13.28th over trailing 2Y (497 prior intervals) · BELOW_95TH_PERCENTILE 5 intervals: 2026-10-22 → 2026-10-29 Percentile: absolute prior observed-interval changes within trailing two calendar years; current move excluded; trusted endpoints only; minimum 60 prior moves; daily frequencies only. Coverage may be shorter than two years. Current stored quality classifications apply. FED · LIQ_ON_RRP 353.0 USD mn · 2026-10-29 · revision 0 OFFICIAL_REPUBLISHED · redistribution: OPEN Ingested 2026-10-30T01:30:43.794111Z FED	Fresh valid

Policy corridor

Fed target: —–—% · IORB: —% (No observation)

NY Fed Funding Distribution

Volume-weighted median and percentiles. Rates in %; transaction volume in USD billions. SOFR upper-tail pressure is P99 minus median, shown above.

Rate	Median	P01	P25	P75	P99	Volume (USD bn)	Date
EFFR	—	—	—	—	—	—	—
OBFR	—	—	—	—	—	—	—
TGCR	—	—	—	—	—	—	—
BGCR	—	—	—	—	—	—	—
SOFR	—	—	—	—	—	—	—

Secured / Unsecured Funding vs IORB

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Repo Transaction Volume · USD billions

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Liquidity & Dealer Absorption

The Treasury-market plumbing: primary-dealer inventory (how much issuance dealers are absorbing) against Fed liquidity — H.4.1 reserves, the Treasury General Account, overnight reverse repo, and the Fed balance sheet. Stored facts, not a model.

Dealer UST Net

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Bank Reserves

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Treasury TGA (daily, DTS)

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ON RRP

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Fed Repo Ops / SRF

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Fed Total Assets

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OFR Stress Index

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Primary-Dealer Net Treasury Position · NY Fed · weekly

Primary dealers' net outright positions in U.S. Treasury securities (ex-TIPS), as reported weekly to the New York Fed.

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Net Liquidity · Fed total assets − TGA − ON RRP · weekly (Wed) · USD tn

A common market heuristic, not an official statistic. Computed from H.4.1 Wednesday levels (WALCL, WDTGAL) and that day's ON RRP; inputs and formula are stored with each point (JSON).

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Financial Stress & Conditions · signed indices · 0 = average, above 0 = more stress / tighter

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Fed Repo Operations / Standing Repo Facility · NY Fed · daily · USD bn

Accepted amount across the day's repo operations. Near zero most days; spikes mark funding pressure (quarter-/year-ends, 2019-09, 2020-03).

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Commercial Paper vs SOFR · %

AA financial 3M and nonfinancial 30-day CP rates (Fed Board) against SOFR. The financial 3M series has gaps on low-issuance days.

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Fed Liquidity (H.4.1)

Reserves, TGA, ON RRP and total assets overlaid. They live on different scales — turn on Rebase to 100 for shape comparison. Reading: TGA ↑ = liquidity drain, Reserves ↓ = tighter system liquidity, total assets ↓ = QT.

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