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Macro Desk

02

Weekly / business dayas of Nov 4, 2026

Liquidity

Fed assets, the Treasury General Account, and reverse repo. Net liquidity is WALCL − TGA − H.4.1 reverse repo. Reserve balances are a separate line.

Total assets (WALCL)
$6.75T

as of Nov 4, 2026

H.4.1 / FRED WALCL, millions

SOMA current face
$6.36T

as of Nov 4, 2026

NY Fed total — excludes TIPS inflation compensation

TIPS inflation compensation
$107.03B

as of Nov 4, 2026

Separate NY Fed field. H.4.1 books this inside Treasury securities.

Securities held outright
$6.46T

as of Nov 4, 2026

H.4.1 Table 1, includes TIPS inflation compensation

Reserve Bank credit
$6.70T

as of Nov 4, 2026

H.4.1 line, not the heading

Reserve balances
$2.93T

as of Nov 4, 2026

Bank reserves at the Fed — not net liquidity

Treasury General Account
$957.17B

as of Nov 4, 2026

TGA drains private-sector liquidity

H.4.1 reverse repo
$340.95B

as of Nov 4, 2026

Includes foreign official. Same-week subtract.

Overnight RRP accepted
$252.00M

as of Nov 9, 2026

NY Fed operations that day — not mixed into the formula

Net liquidity
$5.45T

as of Nov 4, 2026

WALCL − TGA − H.4.1 reverse repo

SOMA vs H.4.1

NY Fed SOMA current face $6.36T plus TIPS inflation compensation $107.03B equals $6.46T. H.4.1 securities held outright is $6.46T — residual $432.77M, settlement and rounding, not a missing book. H.4.1 books inflation compensation inside Treasury securities; the NY Fed total does not.

SOMA holdings

Weekly current face, New York Fed.

Overnight reverse repo

Accepted amount each operation day. Not H.4.1 reverse repo, and not subtracted a second time.

Files

Public official series. Cadence is the publisher's. Stale files and mixed-vintage spreads are flagged or withheld.

  • Factors Affecting Reserve Balances (H.4.1)Federal Reserve BoardWeekly, Thursday ~4:30pm ET

    as of Nov 4, 2026 · pulled Tue, 10 Nov 2026 07:13:58 GMT

    Table 1, Wednesday levels, millions of dollars. Total assets is H.4.1 / FRED WALCL. Net liquidity is WALCL − TGA − H.4.1 reverse repo — never reserve balances.

  • System Open Market Account holdingsFederal Reserve Bank of New YorkWeekly

    as of Nov 4, 2026 · pulled Tue, 10 Nov 2026 07:13:58 GMT

    NY Fed SOMA `total` is current face and does not include TIPS inflation compensation — that sits in a separate field. H.4.1 securities held outright includes the inflation compensation in Treasury securities. Add the two NY Fed fields and the books match.

  • Overnight reverse repo operationsFederal Reserve Bank of New YorkBusiness day, afternoon

    as of Nov 9, 2026 · pulled Tue, 10 Nov 2026 07:13:56 GMT

    Sum of accepted propositions that day. Not the same as H.4.1 reverse repo, which also includes foreign official accounts. Do not mix this print (dollars) with FRED RRPONTSYD (billions).