Back to collectionRisk Rebounded While Treasury Cash Absorbed Liquidity
Pressure stayed neutral at 56, but a $120.484 billion TGA increase coincided with lower net liquidity as volatility and drawdowns eased.
The pressure score stayed at 56, but its components moved in opposite directions. Between the reviewed baselines and September 16, the Treasury General Account rose by $120.484 billion to $991.708 billion while net dollar liquidity fell by $119 billion to $5.749 trillion. The Federal Reserve balance sheet added only $6 billion and overnight reverse repo fell by $424 million. The arithmetic points to Treasury cash accumulation as the dominant offset in this interval; it does not establish what caused each flow or how long it will last.
Risk markets nevertheless improved through September 17. The Nasdaq 100 drawdown narrowed by 1.66 percentage points, the semiconductor drawdown by 2.9 points, and VIX fell 1.76 to 15.44. XAI open interest rose $97,609.60 to $1.334 million while funding stayed 0.005% and spot volume declined. The combination is less stressed, not uniformly liquid: firmer positioning sits beside a smaller systemwide liquidity estimate and thin token turnover.
- Liquidity pressure indicator
- 56 score
- Net dollar liquidity
- 5.75 USD-trillion
- Treasury General Account
- 991.71 USD-billion
- Nasdaq 100 drawdown
- -3.96 percent
- Semiconductor drawdown
- -20.74 percent
- VIX
- 15.44 index
- Recorded XAI open interest
- 1,333,665.1 USD