Back to collectionTreasury Cash Tightens Liquidity as Public Risk Gauges Ease
Treasury cash rose $31.83 billion and net dollar liquidity fell $32 billion, while credit spreads, VIX and equity drawdowns improved; pressure rose to 60 but remained neutral.
The liquidity-pressure score rose from 58 to 60 on the October 28 observation and remained neutral. Treasury cash increased $31.83 billion to $1.05253 trillion, while net dollar liquidity fell $32 billion to $5.701 trillion. The composite score weakened from -0.1632 to -0.2056 and SOFR moved from 3 to 5 basis points above IORB. ON RRP fell by only $50 million from an already small base, so it did not offset the Treasury cash move.
Public risk gauges improved at the same time. High-yield spreads narrowed 12 basis points to 318, VIX fell 0.87 to 17.52, and the S&P 500, Nasdaq-100 and semiconductor index rose as their drawdowns shrank. XAI closed 0.00009 dollar lower at $0.00777 while recorded spot volume rose $14,975.70 to $92,892.80 and open interest fell $66,420.20 to $1.553 million. These observations show tighter measured dollar liquidity alongside easier market stress, not a single causal chain.