Limen · Research

Global Liquidity

The plumbing behind risk. Global dollar liquidity, the rates complex, and cross-asset stress — the read that frames every Limen position.

AS OF
2026-11-04

US Liquidity Cycle · bandpass · 2013–presentNet liquidity (WALCL − TGA − RRP) → cycle-band filter, normalized 0–100 · latest months provisional46.9/100 · falling▼ below neutral +0.32% MoM · level $5.80T

FALLING · BELOW NEUTRAL

Derived · FRED · 2026-10-29

Liquidity Plumbing

Fed Balance Sheet

$6.75T

▼ -2B

FRED · 2026-10-29

Reverse Repo (ON RRP)

$0.4B

▼ ON RRP

FRED · 2026-11-04

Treasury General Acct

$952B

▲ +69B

FRED · 2026-10-29

Bank Reserves at Fed

$2.96T

▼ -60B

FRED · 2026-10-29

Rates & Curve

2s10s Spread

+0.35%

▲ +4.2bp

Derived 10Y−2Y · 2026-11-04

2Y UST Yield

4.58%

▼ -0.03%

TradingEconomics · 2026-11-04

10Y UST Yield

4.95%

▲ +0.04%

FRED · 2026-11-04

SOFR − Fed Funds

+7.5bp

▲ SOFR ≥ policy

Derived · FRED · 2026-11-04

Dollar & Risk

DXY

101.86

▼ -0.01

Yahoo · 2026-11-03

MOVE Index

100.0

▼ -0.4

Yahoo · 2026-11-04

Monetary Inflation Hedge

Gold (XAU)

$3,963

▲ +31

Yahoo · 2026-11-04

Bitcoin

$76,929

▼ -747

CoinGecko · 2026-11-04