Just realized that my last update mixed up the ORR and TGA values. Here’s the corrected version for anyone who cares:

UPDATE: From Aug 30th - Sep 6th

US net liquidity roughly INCREASED by +$71B.

Fed balance sheet: -$20B

ORR: -$91B

TGA: $0 (no significant change)

Stealth QE since mid-August. Primarily from ORR drainage. 👀

DYOR