{"generated_at": "2026-05-20T22:10:28+00:00", "as_of": "2026-05-13", "current": {"fed_balance_sheet_b": 6728.5, "tga_b": 838.6, "rrp_b": 24.9, "net_liquidity_b": 5865.1}, "deltas": {"1d": {"walcl": 19.0, "tga": -39.2, "rrp": 12.0, "net": 46.2}, "1w": {"walcl": 19.0, "tga": -39.2, "rrp": 21.1, "net": 37.0}, "1m": {"walcl": 34.6, "tga": 90.2, "rrp": 24.4, "net": -79.9}, "3m": {"walcl": 106.1, "tga": -76.7, "rrp": 24.2, "net": 158.6}}, "regime": "draining", "interpretation": "Net liquidity has DRAINED $80B over the last month. primarily driven by TGA refill (+$90B). Risk-asset performance typically lags during drain periods. Defensive positioning and quality bias have historically outperformed..", "history_180d": [{"date": "2025-08-29", "walcl": 6603.4, "tga": 590.0, "rrp": 77.9, "net": 5935.5}, {"date": "2025-09-02", "walcl": 6603.4, "tga": 590.0, "rrp": 21.1, "net": 5992.3}, {"date": "2025-09-03", "walcl": 6602.1, "tga": 597.5, "rrp": 17.9, "net": 5986.6}, {"date": "2025-09-04", "walcl": 6602.1, "tga": 597.5, "rrp": 20.1, "net": 5984.4}, {"date": "2025-09-05", "walcl": 6602.1, "tga": 597.5, "rrp": 21.0, "net": 5983.6}, {"date": "2025-09-08", "walcl": 6602.1, "tga": 597.5, "rrp": 19.4, "net": 5985.1}, {"date": "2025-09-09", "walcl": 6602.1, "tga": 597.5, "rrp": 22.9, "net": 5981.6}, {"date": "2025-09-10", "walcl": 6606.0, "tga": 672.3, "rrp": 29.4, "net": 5904.3}, {"date": "2025-09-11", "walcl": 6606.0, "tga": 672.3, "rrp": 26.9, "net": 5906.8}, {"date": "2025-09-12", "walcl": 6606.0, "tga": 672.3, "rrp": 17.3, "net": 5916.4}, {"date": "2025-09-15", "walcl": 6606.0, "tga": 672.3, "rrp": 17.0, "net": 5916.7}, {"date": "2025-09-16", "walcl": 6606.0, "tga": 672.3, "rrp": 18.8, "net": 5914.9}, {"date": "2025-09-17", "walcl": 6608.6, "tga": 756.4, "rrp": 14.0, "net": 5838.3}, {"date": "2025-09-18", "walcl": 6608.6, "tga": 756.4, "rrp": 13.7, "net": 5838.5}, {"date": "2025-09-19", "walcl": 6608.6, "tga": 756.4, "rrp": 11.4, "net": 5840.9}, {"date": "2025-09-22", "walcl": 6608.6, "tga": 756.4, "rrp": 14.2, "net": 5838.0}, {"date": "2025-09-23", "walcl": 6608.6, "tga": 756.4, "rrp": 14.4, "net": 5837.8}, {"date": "2025-09-24", "walcl": 6608.4, "tga": 804.9, "rrp": 29.2, "net": 5774.4}, {"date": "2025-09-25", "walcl": 6608.4, "tga": 804.9, "rrp": 25.4, "net": 5778.2}, {"date": "2025-09-26", "walcl": 6608.4, "tga": 804.9, "rrp": 48.1, "net": 5755.5}, {"date": "2025-09-29", "walcl": 6608.4, "tga": 804.9, "rrp": 56.2, "net": 5747.3}, {"date": "2025-09-30", "walcl": 6608.4, "tga": 804.9, "rrp": 49.1, "net": 5754.5}, {"date": "2025-10-01", "walcl": 6587.1, "tga": 805.1, "rrp": 10.2, "net": 5771.8}, {"date": "2025-10-02", "walcl": 6587.1, "tga": 805.1, "rrp": 8.4, "net": 5773.5}, {"date": "2025-10-03", "walcl": 6587.1, "tga": 805.1, "rrp": 25.4, "net": 5756.6}, {"date": "2025-10-06", "walcl": 6587.1, "tga": 805.1, "rrp": 21.8, "net": 5760.2}, {"date": "2025-10-07", "walcl": 6587.1, "tga": 805.1, "rrp": 4.6, "net": 5777.4}, {"date": "2025-10-08", "walcl": 6590.8, "tga": 807.4, "rrp": 5.2, "net": 5778.2}, {"date": "2025-10-09", "walcl": 6590.8, "tga": 807.4, "rrp": 4.5, "net": 5778.9}, {"date": "2025-10-10", "walcl": 6590.8, "tga": 807.4, "rrp": 4.1, "net": 5779.3}, {"date": "2025-10-14", "walcl": 6590.8, "tga": 807.4, "rrp": 3.5, "net": 5779.9}, {"date": "2025-10-15", "walcl": 6596.5, "tga": 809.6, "rrp": 5.5, "net": 5781.4}, {"date": "2025-10-16", "walcl": 6596.5, "tga": 809.6, "rrp": 7.0, "net": 5779.9}, {"date": "2025-10-17", "walcl": 6596.5, "tga": 809.6, "rrp": 4.1, "net": 5782.8}, {"date": "2025-10-20", "walcl": 6596.5, "tga": 809.6, "rrp": 5.9, "net": 5780.9}, {"date": "2025-10-21", "walcl": 6596.5, "tga": 809.6, "rrp": 4.7, "net": 5782.2}, {"date": "2025-10-22", "walcl": 6589.5, "tga": 908.0, "rrp": 4.0, "net": 5677.5}, {"date": "2025-10-23", "walcl": 6589.5, "tga": 908.0, "rrp": 6.9, "net": 5674.6}, {"date": "2025-10-24", "walcl": 6589.5, "tga": 908.0, "rrp": 2.4, "net": 5679.1}, {"date": "2025-10-27", "walcl": 6589.5, "tga": 908.0, "rrp": 10.6, "net": 5670.9}, {"date": "2025-10-28", "walcl": 6589.5, "tga": 908.0, "rrp": 14.1, "net": 5667.4}, {"date": "2025-10-29", "walcl": 6587.0, "tga": 958.0, "rrp": 19.5, "net": 5609.5}, {"date": "2025-10-30", "walcl": 6587.0, "tga": 958.0, "rrp": 19.2, "net": 5609.9}, {"date": "2025-10-31", "walcl": 6587.0, "tga": 958.0, "rrp": 51.8, "net": 5577.2}, {"date": "2025-11-03", "walcl": 6587.0, "tga": 958.0, "rrp": 23.8, "net": 5605.3}, {"date": "2025-11-04", "walcl": 6587.0, "tga": 958.0, "rrp": 17.0, "net": 5612.1}, {"date": "2025-11-05", "walcl": 6572.7, "tga": 941.0, "rrp": 12.8, "net": 5618.9}, {"date": "2025-11-06", "walcl": 6572.7, "tga": 941.0, "rrp": 10.8, "net": 5621.0}, {"date": "2025-11-07", "walcl": 6572.7, "tga": 941.0, "rrp": 4.9, "net": 5626.8}, {"date": "2025-11-10", "walcl": 6572.7, "tga": 941.0, "rrp": 7.2, "net": 5624.6}, {"date": "2025-11-12", "walcl": 6580.5, "tga": 953.8, "rrp": 5.9, "net": 5620.8}, {"date": "2025-11-13", "walcl": 6580.5, "tga": 953.8, "rrp": 3.8, "net": 5622.9}, {"date": "2025-11-14", "walcl": 6580.5, "tga": 953.8, "rrp": 1.6, "net": 5625.1}, {"date": "2025-11-17", "walcl": 6580.5, "tga": 953.8, "rrp": 3.2, "net": 5623.5}, {"date": "2025-11-18", "walcl": 6580.5, "tga": 953.8, "rrp": 0.9, "net": 5625.7}, {"date": "2025-11-19", "walcl": 6555.3, "tga": 941.9, "rrp": 1.1, "net": 5612.2}, {"date": "2025-11-20", "walcl": 6555.3, "tga": 941.9, "rrp": 6.5, "net": 5606.8}, {"date": "2025-11-21", "walcl": 6555.3, "tga": 941.9, "rrp": 2.5, "net": 5610.9}, {"date": "2025-11-24", "walcl": 6555.3, "tga": 941.9, "rrp": 1.1, "net": 5612.3}, {"date": "2025-11-25", "walcl": 6555.3, "tga": 941.9, "rrp": 2.3, "net": 5611.0}, {"date": "2025-11-26", "walcl": 6552.4, "tga": 903.4, "rrp": 2.2, "net": 5646.8}, {"date": "2025-11-28", "walcl": 6552.4, "tga": 903.4, "rrp": 7.6, "net": 5641.5}, {"date": "2025-12-01", "walcl": 6552.4, "tga": 903.4, "rrp": 3.2, "net": 5645.8}, {"date": "2025-12-02", "walcl": 6552.4, "tga": 903.4, "rrp": 5.6, "net": 5643.4}, {"date": "2025-12-03", "walcl": 6535.8, "tga": 937.2, "rrp": 2.5, "net": 5596.1}, {"date": "2025-12-04", "walcl": 6535.8, "tga": 937.2, "rrp": 2.2, "net": 5596.4}, {"date": "2025-12-05", "walcl": 6535.8, "tga": 937.2, "rrp": 1.5, "net": 5597.1}, {"date": "2025-12-08", "walcl": 6535.8, "tga": 937.2, "rrp": 1.7, "net": 5596.9}, {"date": "2025-12-09", "walcl": 6535.8, "tga": 937.2, "rrp": 3.2, "net": 5595.4}, {"date": "2025-12-10", "walcl": 6539.3, "tga": 858.9, "rrp": 5.0, "net": 5675.3}, {"date": "2025-12-11", "walcl": 6539.3, "tga": 858.9, "rrp": 2.9, "net": 5677.5}, {"date": "2025-12-12", "walcl": 6539.3, "tga": 858.9, "rrp": 0.8, "net": 5679.5}, {"date": "2025-12-15", "walcl": 6539.3, "tga": 858.9, "rrp": 2.6, "net": 5677.8}, {"date": "2025-12-16", "walcl": 6539.3, "tga": 858.9, "rrp": 1.6, "net": 5678.8}, {"date": "2025-12-17", "walcl": 6556.9, "tga": 833.1, "rrp": 10.4, "net": 5713.4}, {"date": "2025-12-18", "walcl": 6556.9, "tga": 833.1, "rrp": 11.7, "net": 5712.1}, {"date": "2025-12-19", "walcl": 6556.9, "tga": 833.1, "rrp": 3.0, "net": 5720.7}, {"date": "2025-12-22", "walcl": 6556.9, "tga": 833.1, "rrp": 1.5, "net": 5722.2}, {"date": "2025-12-23", "walcl": 6556.9, "tga": 833.1, "rrp": 5.9, "net": 5717.9}, {"date": "2025-12-24", "walcl": 6581.2, "tga": 837.1, "rrp": 4.8, "net": 5739.3}, {"date": "2025-12-26", "walcl": 6581.2, "tga": 837.1, "rrp": 20.3, "net": 5723.8}, {"date": "2025-12-29", "walcl": 6581.2, "tga": 837.1, "rrp": 10.6, "net": 5733.6}, {"date": "2025-12-30", "walcl": 6581.2, "tga": 837.1, "rrp": 12.6, "net": 5731.5}, {"date": "2025-12-31", "walcl": 6640.6, "tga": 837.3, "rrp": 106.0, "net": 5697.3}, {"date": "2026-01-02", "walcl": 6640.6, "tga": 837.3, "rrp": 5.7, "net": 5797.6}, {"date": "2026-01-05", "walcl": 6640.6, "tga": 837.3, "rrp": 6.5, "net": 5796.8}, {"date": "2026-01-06", "walcl": 6640.6, "tga": 837.3, "rrp": 2.6, "net": 5800.7}, {"date": "2026-01-07", "walcl": 6573.6, "tga": 796.1, "rrp": 4.6, "net": 5772.9}, {"date": "2026-01-08", "walcl": 6573.6, "tga": 796.1, "rrp": 3.1, "net": 5774.4}, {"date": "2026-01-09", "walcl": 6573.6, "tga": 796.1, "rrp": 3.3, "net": 5774.2}, {"date": "2026-01-12", "walcl": 6573.6, "tga": 796.1, "rrp": 3.4, "net": 5774.1}, {"date": "2026-01-13", "walcl": 6573.6, "tga": 796.1, "rrp": 3.3, "net": 5774.2}, {"date": "2026-01-14", "walcl": 6581.7, "tga": 779.2, "rrp": 3.2, "net": 5799.3}, {"date": "2026-01-15", "walcl": 6581.7, "tga": 779.2, "rrp": 2.0, "net": 5800.5}, {"date": "2026-01-16", "walcl": 6581.7, "tga": 779.2, "rrp": 1.2, "net": 5801.3}, {"date": "2026-01-20", "walcl": 6581.7, "tga": 779.2, "rrp": 3.5, "net": 5799.0}, {"date": "2026-01-21", "walcl": 6584.6, "tga": 869.3, "rrp": 3.3, "net": 5712.0}, {"date": "2026-01-22", "walcl": 6584.6, "tga": 869.3, "rrp": 2.1, "net": 5713.3}, {"date": "2026-01-23", "walcl": 6584.6, "tga": 869.3, "rrp": 0.9, "net": 5714.4}, {"date": "2026-01-26", "walcl": 6584.6, "tga": 869.3, "rrp": 1.5, "net": 5713.8}, {"date": "2026-01-27", "walcl": 6584.6, "tga": 869.3, "rrp": 1.3, "net": 5714.1}, {"date": "2026-01-28", "walcl": 6587.6, "tga": 923.0, "rrp": 1.1, "net": 5663.4}, {"date": "2026-01-29", "walcl": 6587.6, "tga": 923.0, "rrp": 2.9, "net": 5661.7}, {"date": "2026-01-30", "walcl": 6587.6, "tga": 923.0, "rrp": 9.6, "net": 5654.9}, {"date": "2026-02-02", "walcl": 6587.6, "tga": 923.0, "rrp": 10.4, "net": 5654.1}, {"date": "2026-02-03", "walcl": 6587.6, "tga": 923.0, "rrp": 1.8, "net": 5662.7}, {"date": "2026-02-04", "walcl": 6605.9, "tga": 908.8, "rrp": 2.4, "net": 5694.7}, {"date": "2026-02-05", "walcl": 6605.9, "tga": 908.8, "rrp": 1.7, "net": 5695.4}, {"date": "2026-02-06", "walcl": 6605.9, "tga": 908.8, "rrp": 3.1, "net": 5694.0}, {"date": "2026-02-09", "walcl": 6605.9, "tga": 908.8, "rrp": 1.3, "net": 5695.8}, {"date": "2026-02-10", "walcl": 6605.9, "tga": 908.8, "rrp": 1.4, "net": 5695.7}, {"date": "2026-02-11", "walcl": 6622.4, "tga": 915.3, "rrp": 1.0, "net": 5706.0}, {"date": "2026-02-12", "walcl": 6622.4, "tga": 915.3, "rrp": 2.8, "net": 5704.2}, {"date": "2026-02-13", "walcl": 6622.4, "tga": 915.3, "rrp": 0.4, "net": 5706.7}, {"date": "2026-02-17", "walcl": 6622.4, "tga": 915.3, "rrp": 0.4, "net": 5706.6}, {"date": "2026-02-18", "walcl": 6613.4, "tga": 912.7, "rrp": 0.9, "net": 5699.8}, {"date": "2026-02-19", "walcl": 6613.4, "tga": 912.7, "rrp": 0.6, "net": 5700.0}, {"date": "2026-02-20", "walcl": 6613.4, "tga": 912.7, "rrp": 0.5, "net": 5700.2}, {"date": "2026-02-23", "walcl": 6613.4, "tga": 912.7, "rrp": 0.9, "net": 5699.8}, {"date": "2026-02-24", "walcl": 6613.4, "tga": 912.7, "rrp": 0.9, "net": 5699.8}, {"date": "2026-02-25", "walcl": 6613.8, "tga": 887.6, "rrp": 1.2, "net": 5725.0}, {"date": "2026-02-26", "walcl": 6613.8, "tga": 887.6, "rrp": 3.8, "net": 5722.4}, {"date": "2026-02-27", "walcl": 6613.8, "tga": 887.6, "rrp": 16.3, "net": 5709.9}, {"date": "2026-03-02", "walcl": 6613.8, "tga": 887.6, "rrp": 0.6, "net": 5725.6}, {"date": "2026-03-03", "walcl": 6613.8, "tga": 887.6, "rrp": 1.2, "net": 5725.0}, {"date": "2026-03-04", "walcl": 6628.9, "tga": 832.1, "rrp": 0.9, "net": 5796.0}, {"date": "2026-03-05", "walcl": 6628.9, "tga": 832.1, "rrp": 2.8, "net": 5794.0}, {"date": "2026-03-06", "walcl": 6628.9, "tga": 832.1, "rrp": 1.5, "net": 5795.3}, {"date": "2026-03-09", "walcl": 6628.9, "tga": 832.1, "rrp": 0.3, "net": 5796.5}, {"date": "2026-03-10", "walcl": 6628.9, "tga": 832.1, "rrp": 0.3, "net": 5796.6}, {"date": "2026-03-11", "walcl": 6646.3, "tga": 838.2, "rrp": 0.6, "net": 5807.6}, {"date": "2026-03-12", "walcl": 6646.3, "tga": 838.2, "rrp": 0.1, "net": 5808.0}, {"date": "2026-03-13", "walcl": 6646.3, "tga": 838.2, "rrp": 0.4, "net": 5807.7}, {"date": "2026-03-16", "walcl": 6646.3, "tga": 838.2, "rrp": 0.6, "net": 5807.6}, {"date": "2026-03-17", "walcl": 6646.3, "tga": 838.2, "rrp": 0.8, "net": 5807.4}, {"date": "2026-03-18", "walcl": 6655.9, "tga": 853.1, "rrp": 0.7, "net": 5802.2}, {"date": "2026-03-19", "walcl": 6655.9, "tga": 853.1, "rrp": 0.6, "net": 5802.3}, {"date": "2026-03-20", "walcl": 6655.9, "tga": 853.1, "rrp": 0.8, "net": 5802.1}, {"date": "2026-03-23", "walcl": 6655.9, "tga": 853.1, "rrp": 0.9, "net": 5802.0}, {"date": "2026-03-24", "walcl": 6655.9, "tga": 853.1, "rrp": 1.1, "net": 5801.8}, {"date": "2026-03-25", "walcl": 6657.2, "tga": 874.1, "rrp": 0.8, "net": 5782.3}, {"date": "2026-03-26", "walcl": 6657.2, "tga": 874.1, "rrp": 0.9, "net": 5782.2}, {"date": "2026-03-27", "walcl": 6657.2, "tga": 874.1, "rrp": 1.0, "net": 5782.1}, {"date": "2026-03-30", "walcl": 6657.2, "tga": 874.1, "rrp": 0.8, "net": 5782.3}, {"date": "2026-03-31", "walcl": 6657.2, "tga": 874.1, "rrp": 15.8, "net": 5767.3}, {"date": "2026-04-01", "walcl": 6675.3, "tga": 847.7, "rrp": 2.1, "net": 5825.5}, {"date": "2026-04-02", "walcl": 6675.3, "tga": 847.7, "rrp": 0.3, "net": 5827.3}, {"date": "2026-04-06", "walcl": 6675.3, "tga": 847.7, "rrp": 0.2, "net": 5827.4}, {"date": "2026-04-07", "walcl": 6675.3, "tga": 847.7, "rrp": 15.3, "net": 5812.3}, {"date": "2026-04-08", "walcl": 6693.9, "tga": 748.4, "rrp": 0.2, "net": 5945.3}, {"date": "2026-04-09", "walcl": 6693.9, "tga": 748.4, "rrp": 0.4, "net": 5945.1}, {"date": "2026-04-10", "walcl": 6693.9, "tga": 748.4, "rrp": 0.5, "net": 5945.0}, {"date": "2026-04-13", "walcl": 6693.9, "tga": 748.4, "rrp": 0.2, "net": 5945.3}, {"date": "2026-04-14", "walcl": 6693.9, "tga": 748.4, "rrp": 0.3, "net": 5945.2}, {"date": "2026-04-15", "walcl": 6705.7, "tga": 751.4, "rrp": 0.2, "net": 5954.1}, {"date": "2026-04-16", "walcl": 6705.7, "tga": 751.4, "rrp": 0.2, "net": 5954.2}, {"date": "2026-04-17", "walcl": 6705.7, "tga": 751.4, "rrp": 0.1, "net": 5954.2}, {"date": "2026-04-20", "walcl": 6705.7, "tga": 751.4, "rrp": 0.5, "net": 5953.8}, {"date": "2026-04-21", "walcl": 6705.7, "tga": 751.4, "rrp": 0.8, "net": 5953.5}, {"date": "2026-04-22", "walcl": 6707.4, "tga": 1006.0, "rrp": 0.5, "net": 5700.9}, {"date": "2026-04-23", "walcl": 6707.4, "tga": 1006.0, "rrp": 0.1, "net": 5701.3}, {"date": "2026-04-24", "walcl": 6707.4, "tga": 1006.0, "rrp": 0.1, "net": 5701.4}, {"date": "2026-04-27", "walcl": 6707.4, "tga": 1006.0, "rrp": 0.4, "net": 5701.1}, {"date": "2026-04-28", "walcl": 6707.4, "tga": 1006.0, "rrp": 0.6, "net": 5700.8}, {"date": "2026-04-29", "walcl": 6699.9, "tga": 981.9, "rrp": 0.7, "net": 5717.3}, {"date": "2026-04-30", "walcl": 6699.9, "tga": 981.9, "rrp": 8.3, "net": 5709.8}, {"date": "2026-05-01", "walcl": 6699.9, "tga": 981.9, "rrp": 0.6, "net": 5717.4}, {"date": "2026-05-04", "walcl": 6699.9, "tga": 981.9, "rrp": 0.6, "net": 5717.4}, {"date": "2026-05-05", "walcl": 6699.9, "tga": 981.9, "rrp": 1.1, "net": 5716.9}, {"date": "2026-05-06", "walcl": 6709.5, "tga": 877.8, "rrp": 1.6, "net": 5830.1}, {"date": "2026-05-07", "walcl": 6709.5, "tga": 877.8, "rrp": 0.8, "net": 5831.0}, {"date": "2026-05-08", "walcl": 6709.5, "tga": 877.8, "rrp": 0.8, "net": 5831.0}, {"date": "2026-05-11", "walcl": 6709.5, "tga": 877.8, "rrp": 1.1, "net": 5830.6}, {"date": "2026-05-12", "walcl": 6709.5, "tga": 877.8, "rrp": 1.2, "net": 5830.5}, {"date": "2026-05-13", "walcl": 6728.5, "tga": 838.6, "rrp": 3.7, "net": 5886.2}, {"date": "2026-05-14", "walcl": 6728.5, "tga": 838.6, "rrp": 2.0, "net": 5887.9}, {"date": "2026-05-15", "walcl": 6728.5, "tga": 838.6, "rrp": 0.6, "net": 5889.3}, {"date": "2026-05-18", "walcl": 6728.5, "tga": 838.6, "rrp": 7.2, "net": 5882.7}, {"date": "2026-05-19", "walcl": 6728.5, "tga": 838.6, "rrp": 12.9, "net": 5877.0}, {"date": "2026-05-20", "walcl": 6728.5, "tga": 838.6, "rrp": 24.9, "net": 5865.1}], "fetch_errors": [], "fetch_duration_s": 0.8}