Back to collectionLiquidity Improves as Risk Measures Rebound
Lower Treasury cash and real yields coincided with firmer equities and higher XAI activity, but one day does not establish causation.
The pressure score rose from 56 to 57 and remained neutral. Net dollar liquidity increased by $25 billion to $5.774 trillion on September 17 as the Treasury General Account fell by $19.033 billion to $972.675 billion. The ten-year real yield eased seven basis points to 2.61%, and the bank cash buffer rose 0.218 percentage points to 11.885%. Overnight reverse repo usage increased only $0.3 billion, too small to change the broader reading.
Risk measures moved in the same direction over their separate observation windows. The Nasdaq-100 drawdown narrowed by 0.64 percentage points, the semiconductor drawdown narrowed by 2.20 points and VIX fell 0.63 to 14.81. XAI closed at $0.00758 with volume up $180,974.90 and open interest up $161,146.70; funding was unchanged. Concentration and CAPE rose modestly. This is a broad one-day rebound, not proof that liquidity caused asset prices or that the move will persist.
- Liquidity pressure indicator
- 57 score
- Net dollar liquidity
- 5.77 USD-trillion
- Treasury General Account
- 972.68 USD-billion
- Ten-year real yield
- 2.61 percent
- Bank cash buffer
- 11.89 percent
- Nasdaq 100 drawdown
- -3.32 percent
- Semiconductor drawdown
- -18.54 percent
- VIX
- 14.81 index
- S&P 500 CAPE
- 40.94 multiple
- Top-ten constituent weight
- 39.86 percent
- XAI holder addresses
- 50,024 addresses
- Premarket-labelled balances: six-month change
- 24.22 million-XAI
- XAI spot close
- 0.00758 USD
- Recorded XAI spot volume
- 334,924.7 USD
- Recorded XAI open interest
- 1,494,811.8 USD