Back to collectionTreasury Cash Lifts Pressure Despite Softer Risk Gauges
Pressure rose one point as net dollar liquidity fell, while real yield, VIX and XAI open interest moved lower.
The liquidity-pressure score rose from 57 on September 21 to 58 on September 22, remaining neutral. The tighter reading coincided with net dollar liquidity falling $18 billion to $5.742 trillion and Treasury cash rising $18.459 billion to $1.004391 trillion between September 18 and September 21. The five-year regime percentile also rose one point, while its composite score slipped from -0.1446 to -0.1606.
Other gauges softened rather than confirming a broad risk escalation. The ten-year real yield fell six basis points to 2.62%, VIX fell 0.66 to 14.21, and high-yield spreads narrowed two basis points to 266. XAI’s September 22 close rose to $0.00831 on $492,020.80 of recorded spot volume, but open interest fell $137,215.90 to $1,479,940.50 by 17:00 UTC on September 23; funding stayed at 0.005%. These observations are differently timed and show concurrence, not causation. The rolling labelled-balance change remains unattributed pending transaction-level evidence.
- Liquidity pressure indicator
- 58 score
- Liquidity: five-year percentile
- 58 percentile
- Liquidity composite score
- -0.1606 score
- Net dollar liquidity
- 5.74 USD-trillion
- Treasury General Account
- 1,004.39 USD-billion
- Federal Reserve balance sheet
- 6.75 USD-trillion
- Overnight reverse repos
- 0.453 USD-billion
- SOFR minus IORB
- -3 basis-points
- High-yield credit spread
- 266 basis-points
- Ten-year real yield
- 2.62 percent
- Bank cash buffer
- 11.89 percent
- S&P 500 close
- 7,764.7 index
- S&P 500 drawdown
- -0.44 percent
- Nasdaq 100 close
- 30,482.35 index
- Nasdaq 100 drawdown
- -0.58 percent
- Semiconductor index close
- 12,433.17 index
- Semiconductor drawdown
- -15.04 percent
- VIX volatility index
- 14.21 index
- S&P 500 price/earnings
- 27.89 multiple
- S&P 500 CAPE
- 40.94 multiple
- Largest constituent weight
- 7.76 percent
- Top-three constituent weight
- 20.44 percent
- Top-ten constituent weight
- 40.06 percent
- Magnificent Seven weight
- 33.5 percent
- XAI holder addresses
- 50,029 addresses
- Sentry key holder addresses
- 10,828 addresses
- Sentry keys
- 3,583,516 keys
- Pool staking addresses
- 14,016 addresses
- Premarket-labelled balances: six-month change
- 25.9 million-XAI
- XAI spot close
- 0.00831 USD
- Recorded XAI spot volume
- 492,020.8 USD
- Recorded XAI open interest
- 1,479,940.5 USD
- Recorded XAI funding rate
- 0.005 percent