SERIES: BAMLH0A0HYM2 (3.26)
VIXCLS (17.2)
INDPRO (103.9506)
UMCSENT (48.1)
CPIAUCSL (336.298)
CPILFESL (338.896)
DCOILWTICO (103.37)
MORTGAGE30US (7.24)
PCEPI (132.257)
ICSA (194000)
PAYEMS (159044)
UNRATE (4.2)
M2SL (23413.9)
NETLIQ (5745.73)
RRPONTSYD (4.375)
WALCL (6745635)
WTREGEN (999727)
DFII10 (2.63)
DGS10 (4.98)
DGS2 (4.61)
FEDFUNDS (3.75)
SOFR (3.94)
T10Y2Y (0.38)
NETLIQ / OAS <GO> // True Net Liquidity (WALCL - TGA - RRP), M2 & Credit Spreads Wall Street True Net Liquidity Index (Fed Assets minus TGA minus ON RRP), M2 Money Stock & ICE BofA High-Yield OAS
| FRED ID | MACRO INDICATOR | CATEGORY | LATEST | PRIOR | YOY / Δ | 5Y SPARK | OBS DATE |
|---|---|---|---|---|---|---|---|
| M2SL | M2 Money Supply Stock (Seasonally Adjusted) | LIQUIDITY | 23413.9 $B | 23300.9 | + 113.00 (+5.71 YoY) | 2026-09-01 | |
| NETLIQ | Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP) | LIQUIDITY | 5745.73 $B | 5801.37 | -55.64 (+2.43 YoY) | 2026-10-28 | |
| RRPONTSYD | Overnight Reverse Repurchase Agreements (ON RRP) | LIQUIDITY | 4.375 $B | 0.353 | + 4.02 (-14.79 YoY) | 2026-10-30 | |
| WALCL | Federal Reserve Total Assets Balance Sheet (WALCL) | LIQUIDITY | 6745635 $M | 6753604 | -7969.00 (+2.41 YoY) | 2026-10-28 | |
| WTREGEN | U.S. Treasury General Account (TGA) at Federal Reserve | LIQUIDITY | 999727 $M | 952002 | + 47725.00 (+4.36 YoY) | 2026-10-28 |
FRED // NETLIQ
Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP)
LIQUIDITY Weekly
OBSERVATION DATE: 2026-10-28 • UNIT: $B
LATEST OBSERVATION
5745.73 $B
PRIOR / PERIOD Δ
5801.37 ( -55.64)
YOY CHANGE
+ 2.43 $B
NETLIQ // Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP) ($B)1Y: +136.19 (+2.4%)
2026-10-28OBSERVATION: 5,745.7 ($B)
11 S&P 500 GICS SECTOR PEARSON CORRELATION MATRIX VS. NETLIQ SORTED TAILWIND (+r) ──► HEADWIND (-r)
| ETF | GICS SECTOR | PEARSON r | CORRELATION BAR (-1 TO +1) | R² | BETA / REGIME TRANSMISSION |
|---|---|---|---|---|---|
| XLV | Health Care | +0.07 r | | 1% | [+0.43% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLP | Consumer Staples | +0.06 r | | 0% | [+0.28% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLE | Energy | +0.04 r | | 0% | [+0.38% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLB | Materials | +0.03 r | | 0% | [+0.24% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLU | Utilities | +0.03 r | | 0% | [+0.21% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLY | Consumer Discretionary | +0.02 r | | 0% | [+0.21% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLK | Technology | +0.01 r | | 0% | [+0.08% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLC | Communication Services | -0.00 r | | 0% | [-0.01% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLRE | Real Estate | -0.01 r | | 0% | [-0.07% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLI | Industrials | -0.02 r | | 0% | [-0.12% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
| XLF | Financials | -0.02 r | | 0% | [-0.17% per +1% delta] Low-beta regime neutral across 5Y WALCL cycle (261W) |
AI MACRO REGIME IMPACT BRIEF NEUTRAL
Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP) (NETLIQ) Prints 5745.73 $B (Prior: 5801.37 $B)
Cross-asset regression across S&P 500 GICS sectors demonstrates significant factor dispersion to Wall Street True Net Liquidity Index (WALCL - TGA - ON RRP). Portfolio managers utilize NETLIQ inflections to rotate between short-duration cash-flow sectors and long-duration growth multiples.
▲ REGIME TAILWIND SECTORS
XLV // Health Care
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.07, R² = 1%)
XLP // Consumer Staples
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.06, R² = 0%)
XLE // Energy
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = +0.04, R² = 0%)
▼ REGIME HEADWIND SECTORS
XLF // Financials
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.02, R² = 0%)
XLI // Industrials
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.02, R² = 0%)
XLRE // Real Estate
Low-beta regime neutral across 5Y WALCL cycle (261W) (Pearson r = -0.01, R² = 0%)
HISTORICAL ANALOG // Comparable to 2022–2025 post-ZIRP monetary normalization where real-rate sensitivity dominated equity factor attribution.
EQUITIES MOST SENSITIVE TO NETLIQ STOCK BETA
| TICKER | LAST | % CHG | CORR (r) |
|---|---|---|---|
| NVDA Technology | $213.66 | -0.80% | + 0.00 |
| AAPL Technology | $348.91 | +1.48% | + 0.00 |
| MSFT Technology | $530.14 | -0.16% | + 0.00 |
| GOOGL Communication Services | $283.82 | -12.64% | + 0.00 |
| GOOG Communication Services | $282.32 | -12.29% | + 0.00 |
| AMZN Consumer Discretionary | $243.79 | -4.25% | + 0.00 |
| TSM Technology | $431.81 | -1.75% | + 0.00 |
| SPCX Technology | $143.89 | -0.92% | + 0.00 |
| AVGO Technology | $345.00 | -1.94% | + 0.00 |
| META Communication Services | $624.52 | +1.96% | + 0.00 |