// definition
TGA
Treasury General Account
fraisrevu il y a 0 j
Short definition
The US federal government checking account at the Federal Reserve. When it fills (debt issuance), it drains bank reserves; when it falls (spending), it injects them back.
risk atlas
Knowledge map
Intuition
The TGA moves bank reserves around without mechanically changing the Fed's balance sheet.
Formula
net liquidity watched by markets ≈ Fed balance sheet - TGA - RRPWhy it matters now
After a phase of issuance or Treasury cash rebuilding, the TGA can drain reserves just as the market is already absorbing more debt.
Related analyses
- Repo, the liquidity factoryFunding chains that transmit a rate shock.
Related guides
- Net liquidity: TGA, RRPReserve channels and Treasury cash.
- Reading the Treasuries marketCurve, auctions, holders and the term premium.
Related datasets
- risk.jsonPublic snapshot of the risk signals.
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- signals/history.jsonPoint-in-time history of the signals.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Federal Reserve & FREDRates, the Fed balance sheet, FRED series and the New York Fed ACM model.
- U.S. Treasury Fiscal DataDebt, Treasury cash, DTS and auctions.
- U.S. Treasury TICCross-border holdings and flows of Treasuries.
- Congress.gov, GovInfo & CBOBudget projections, texts and estimates.
- Bank for International SettlementsGlobal debt, banks and market fragilities.