---
title: "Derived US net liquidity (Sugra-computed): WALCL - TGA - RRP"
method: GET
path: "/api/v1/macro/net-liquidity"
tags: ["Economics"]
---

# Derived US net liquidity (Sugra-computed): WALCL - TGA - RRP

`GET /api/v1/macro/net-liquidity`

US net liquidity computed by Sugra from the Federal Reserve H.4.1 release and Treasury operations data (WALCL minus the Treasury General Account minus overnight reverse repo), in USD billions, with a 13-week change and its direction. The weekly balance-sheet date anchors the figure; the daily reverse-repo input contributes its newest observation on or before that anchor - never after it. Every input, series id and date is disclosed. Not a resold vendor table. Cache 6h.

## Response `200`

Anchor-aligned net liquidity with components and the 13-week delta.

- EnvelopeMacroNetLiquidityData
  - `data` MacroNetLiquidityData, required — Response payload for GET /api/v1/macro/net-liquidity.
    - `as_of` string, required — The weekly balance-sheet date anchoring the figure (YYYY-MM-DD).
    - `net_liquidity_usd_bn` number, required — WALCL - WTREGEN - RRPONTSYD, USD billions, anchor-aligned.
    - `components` NetLiquidityComponents, required
      - `fed_total_assets` NetLiquidityComponent, required — One input to the net-liquidity figure, with its provenance.
        - `series_id` string, required — FRED series id the value came from.
        - `date` string, required — Observation date used (YYYY-MM-DD). For the daily reverse-repo input this is the newest date on or before the balance-sheet anchor, never after it.
        - `value_usd_bn` number, required — The observation converted to USD billions (scale factors pinned per series).
      - `treasury_general_account` NetLiquidityComponent, required — One input to the net-liquidity figure, with its provenance.
        - `series_id` string, required — FRED series id the value came from.
        - `date` string, required — Observation date used (YYYY-MM-DD). For the daily reverse-repo input this is the newest date on or before the balance-sheet anchor, never after it.
        - `value_usd_bn` number, required — The observation converted to USD billions (scale factors pinned per series).
      - `overnight_reverse_repo` NetLiquidityComponent, required — One input to the net-liquidity figure, with its provenance.
        - `series_id` string, required — FRED series id the value came from.
        - `date` string, required — Observation date used (YYYY-MM-DD). For the daily reverse-repo input this is the newest date on or before the balance-sheet anchor, never after it.
        - `value_usd_bn` number, required — The observation converted to USD billions (scale factors pinned per series).
    - `delta_13w` NetLiquidityDelta
      - `weeks` integer, required — Comparison window in weeks (13).
      - `change_usd_bn` number, required — Current minus prior net liquidity, USD billions. Positive = liquidity added, negative = drained.
      - `direction` string, required — added | drained | flat - the sign, spelled out.
      - `compared_to` string, required — Anchor date of the prior figure (YYYY-MM-DD).
      - `prior_net_liquidity_usd_bn` number, required — The prior anchor-aligned figure, USD billions.
    - `formula` string, required — The exact formula, stated.
    - `methodology_notes` string[], required — Alignment and scaling rules, spelled out.
    - `attribution` string, required — Where the inputs come from and who computed the figure.
  - `meta` SugraMeta, required — Metadata attached to every /api/v1/* response envelope.
    - `endpoint` string, required — Requested endpoint path.
    - `data_time` string, required — ISO 8601 UTC timestamp of the source data, not of the request.
    - `response_time` string, required — ISO 8601 UTC timestamp when this response was produced.
    - `provider` string, required — API name and version.
    - `source` string, nullable — Identifier of the primary upstream source used for this response.
    - `attribution` string, nullable — Human-readable attribution mandated by an upstream source (e.g. a securities regulator or self-regulatory organization). Present only on responses whose source requires the owner and source to be clearly identified. Do not remove or alter it when using the response.
    - `fallback_used` boolean, nullable — True when the primary source failed and a fallback produced the data.
    - `fallback_chain` string[], nullable — Ordered list of sources attempted, in the order they were tried.
    - `cached` boolean, nullable — True when this response was served from the internal cache.
    - `stale` boolean, nullable — True when the cached response was returned after the upstream rate-limited or errored. Clients can use this to detect degraded data.

## Other responses

- `401` — Missing or invalid `x-api-key` header.
- `429` — Daily rate limit exceeded. Check `X-RateLimit-Reset` for the next window.
- `503` — Upstream source is temporarily unavailable. Retry after a short delay.

---

[API](https://skmtc.net/sugra/apis/sugra-api.md) · [All operations](https://skmtc.net/sugra/apis/sugra-api/llms.txt) · [OpenAPI document](https://skmtc-service-staging.skmtc.workers.dev/v1/apis/sugra/sugra-api/versions/4e2740743eb4/schema)