$ cat data/methodology.txt

REBELTERMINAL LIQUIDITY INDEX -- DATA & METHODOLOGY

$ net_sd --latest --composite S6/D1Loading…

$ workbench --sd-pair --help

Available Supply composites: S1 S2 S3 S4 S5 S6 S7 S8

Available Demand composites: D1 D2 D3 D4 D5 D6

Total combinations: 48 (current default: S6/D1 — shown above)

S6/D1 is our production default because it blends the four largest central-bank balance sheets with financial-stress indicators that don't drift during QE cycles. Every other pairing is a legitimate research tool — try S1/D3 for a USD-only supply view, or S7/D5 for a credit-stress-weighted demand view. The workbench grid renders any pairing live.

OPEN WORKBENCH GRID →

// Data Sources

FRED (Federal Reserve Economic Data)

WALCLFederal Reserve Balance Sheet

Total assets held by the Federal Reserve. Primary measure of central bank liquidity injection.

M2SLM2 Money Supply

Broadest regularly published measure of US dollars in circulation, including savings deposits and money market funds.

WTREGENTreasury General Account (TGA)

US Treasury cash balance at the Fed. Drawdowns inject liquidity; buildups drain it.

RRPONTSYDReverse Repo Facility (RRP)

Overnight reverse repurchase agreements. Measures excess liquidity parked at the Fed.

Market Prices (Yahoo Finance)

BTC-USDBitcoin (BTC/USD)

Daily closing price via Yahoo Finance.

GC=FGold Futures

Front-month COMEX gold futures.

DX-Y.NYBUS Dollar Index (DXY)

Trade-weighted index of the US dollar against a basket of six major currencies.

^VIXCBOE Volatility Index

Implied volatility of S&P 500 options. Measures market fear/uncertainty.

// Methodology Summary

The RebelTerminal Liquidity Index computes a Net Supply-Demand (Net S-D) z-score that measures the balance between monetary liquidity supply and financial stress demand. Positive values indicate expansionary conditions; negative values indicate contraction.

Supply composites are built from Fed balance sheet (WALCL), M2 money supply (M2SL), Treasury General Account (WTREGEN), and Reverse Repo Facility (RRPONTSYD). Each series is normalized via pipeline-specific transformations (level differencing, rolling z-score, clipping to +-3 sigma) before weighted aggregation.

Demand composites aggregate financial stress indicators: high-yield and investment-grade credit spreads, DXY dollar strength, VIX volatility, and secured financing rates. Higher demand signals tighter financial conditions.

The composite signal is detrended using a Hamilton filter (h=24, p=4) to remove slow-moving trends, then cycle components are extracted via Lomb-Scargle periodogram analysis to detect dominant periodicities in the 6-96 month range. The final Net S-D = z(supply) - z(demand).

// Download CSV

Download the last 12 months of monthly Net S-D data with underlying FRED series values.

Format: date, net_sd_zscore, fed_balance, m2, tga, rrp, net_liquidity

// Citation Format

RebelTerminal Liquidity Index, computed 2026-05-22. Net S-D composite based on FRED series WALCL, M2SL, WTREGEN, RRPONTSYD and Yahoo Finance asset data. Hamilton filter detrending, Lomb-Scargle cycle detection. https://rebelterminal.com/data

// API Access

Programmatic access to the Liquidity Index is available via our REST API.

GET /api/liquidity/monthly

Returns monthly macro data with all FRED series and computed fields.

GET /api/analytics/daily

Returns daily asset prices and derived indicators.

API DOCUMENTATION INTERACTIVE DASHBOARD