CHAIN PULSE
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Global Net Liquidity

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In plain English

Same idea as US net liquidity, but add the ECB and Bank of Japan balance sheets converted into dollars.

Only the US leg subtracts those parking facilities (they are US-specific). China is not in this sum (it already shows up in G4 M2 on Bitcoin & Liquidity). The lower pane is year-over-year of the combined pile.

Math and metrics

FRED WALCL, WTREGEN, RRPONTSYD, ECBASSETSW, JPNASSETS, DEXUSEU, DEXJPUS. Default lag ~12 weeks.

globalNet = US_net_liq + ECB_EUR·USD/EUR + BoJ_JPY·USD/JPY (units normalized in collector).

YoY on the weekly-aligned level.

This is not Global Liq YoY (a different pulse).