Fed liquidity and monetary conditions

The full liquidity picture in one object: the Fed balance sheet, the overnight reverse repo facility, reserve balances, M2, net liquidity, financial-conditions indices (NFCI, STLFSI4), credit spreads, leading indicators, and a composite liquidity regime score.

NET LIQUIDITY IS A CONVENTION, not a published series: it is the Fed balance sheet less the reverse repo facility less the Treasury General Account. Kresmion computes it from the same three FRED series the regime engine uses, so the API and the page cannot disagree.

liquidity_regime.inputs_missing names any leg that could not be read; the remaining weights renormalise, so the published score is the mean of what was actually available rather than a number with a silent zero in it.

LICENCE NOTE: the two option-adjusted credit spreads are ICE BofA index series whose FRED copyright tier requires pre-approval. They obey FRED_RESTRICTED_POLICY, so under hide or block the credit block comes back null (with withheld: "licence") rather than served. Cadences differ by series (weekly balance sheet, daily repo and spreads, monthly M2), so read each block's own dates.