{
  "issue_date": "2026-09-26",
  "title": "FinzData Weekly: Liquidity, Capital Flows & Positioning, September 26, 2026",
  "as_of": {
    "liquidity_cutoff": "2026-09-24",
    "cot_cutoff": "2026-09-22"
  },
  "summary": [
    "Fed net liquidity stands at $5,770bn as of 2026-09-23, falling over the past four weeks (−9bn).",
    "The Treasury General Account is rising over four weeks (+26bn) to $977bn.",
    "M2 money supply is 6.1% versus a year ago at $23,306bn.",
    "Most crowded positioning: US Treasury bond (Leveraged funds, index 100) and Copper (Managed money, index 100).",
    "Largest weekly swing in net % of open interest: British pound (Asset managers) at −18.9pp."
  ],
  "notes": {
    "liquidity": "Fed net liquidity is $5,770bn as of 2026-09-23, down 9bn over four weeks, with bank reserves at $2,930bn and the overnight reverse repo at $0.63bn. The Treasury General Account rose to $977bn while M2 money supply is 6.1% versus a year ago at $23,306bn.",
    "flows": "Net foreign purchases of US long-term securities were $40.616bn in 2026-07, down from $208.899bn prior, with a trailing 12-month total of $1,754.38bn. Net foreign purchases of US Treasuries were −$3.56bn while foreign official net purchases of Treasuries were $25.537bn.",
    "positioning": "Most crowded positioning by COT index: US Treasury bond (Leveraged funds, index 100), Copper (Managed money, index 100), and Soybeans (Managed money, index 100). Largest weekly swing in net % of open interest: British pound (Asset managers) at −18.9pp, with net positioning at −47.3% of open interest."
  },
  "liquidity": [
    {
      "series_id": "FED_NET_LIQUIDITY",
      "label": "Fed net liquidity (assets − TGA − reverse repo)",
      "unit": "$bn",
      "latest": 5770.159,
      "as_of": "2026-09-23",
      "change_1w": -93.98599999999988,
      "change_4w": -9.31500000000051,
      "change_13w": -42.25600000000122,
      "change_1y": -68.09900000000016
    },
    {
      "series_id": "FED_TOTAL_ASSETS",
      "label": "Fed balance sheet",
      "unit": "$bn",
      "latest": 6747.704,
      "as_of": "2026-09-23",
      "change_1w": 1.155999999999949,
      "change_4w": 16.79199999999946,
      "change_13w": 12.058999999999287,
      "change_1y": 139.10699999999997
    },
    {
      "series_id": "TREASURY_GENERAL_ACCOUNT",
      "label": "Treasury General Account",
      "unit": "$bn",
      "latest": 977.0840000000001,
      "as_of": "2026-09-23",
      "change_1w": 100.05600000000004,
      "change_4w": 26.34800000000007,
      "change_13w": 58.388000000000034,
      "change_1y": 220.70800000000008
    },
    {
      "series_id": "ON_REVERSE_REPO",
      "label": "Overnight reverse repo",
      "unit": "$bn",
      "latest": 0.63,
      "as_of": "2026-09-24",
      "change_1w": 0.354,
      "change_4w": 0.174,
      "change_13w": -5.088,
      "change_1y": -28.542
    },
    {
      "series_id": "BANK_RESERVES",
      "label": "Bank reserves",
      "unit": "$bn",
      "latest": 2930.193,
      "as_of": "2026-09-23",
      "change_1w": -83.60099999999966,
      "change_4w": 5.257000000000062,
      "change_13w": -21.222999999999956,
      "change_1y": -143.1619999999998
    },
    {
      "series_id": "US_M2_WEEKLY",
      "label": "M2 money supply (weekly)",
      "unit": "$bn",
      "latest": 23305.5,
      "as_of": "2026-08-31",
      "change_1w": 37.70000000000073,
      "change_4w": 97.29999999999927,
      "change_13w": 283.0,
      "change_1y": 1333.2999999999993,
      "yoy_pct": 6.068122445635846
    },
    {
      "series_id": "US_MMF_TOTAL_ASSETS",
      "label": "Money market fund assets",
      "unit": "$bn",
      "latest": 8441.374,
      "as_of": "2026-04-01",
      "change_1w": 151.8050000000003,
      "change_4w": 151.8050000000003,
      "change_13w": 251.1389999999992,
      "change_1y": 960.1419999999998
    },
    {
      "series_id": "G3_CB_ASSETS_USD",
      "label": "G3 central bank assets (USD)",
      "unit": "$bn",
      "latest": 17523.719487941664,
      "as_of": "2026-09-01",
      "change_1w": -123.80908102036119,
      "change_4w": -123.80908102036119,
      "change_13w": -234.61089337524754,
      "change_1y": -916.8203221909935
    },
    {
      "series_id": "FIN_CONDITIONS_NFCI",
      "label": "Chicago Fed financial conditions (NFCI)",
      "unit": "index",
      "latest": -0.524,
      "as_of": "2026-09-18",
      "change_1w": 0.01200000000000001,
      "change_4w": 0.027000000000000024,
      "change_13w": -0.017000000000000015,
      "change_1y": 0.0020000000000000018
    },
    {
      "series_id": "FIN_STRESS_STLFSI",
      "label": "St. Louis Fed financial stress",
      "unit": "index",
      "latest": -0.7029,
      "as_of": "2026-09-18",
      "change_1w": 0.14800000000000002,
      "change_4w": 0.10699999999999998,
      "change_13w": 0.24380000000000002,
      "change_1y": -0.1552
    }
  ],
  "flows": [
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES",
      "label": "Net foreign purchases of US long-term securities",
      "unit": "$bn",
      "latest_month": "2026-07-01",
      "value": 40.616,
      "prior_value": 208.899,
      "trailing_12m": 1754.38,
      "is_holdings": false
    },
    {
      "series_id": "TIC_NET_FOREIGN_PURCHASES_TREASURIES",
      "label": "Net foreign purchases of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-07-01",
      "value": -3.56,
      "prior_value": 6.207,
      "trailing_12m": 246.534,
      "is_holdings": false
    },
    {
      "series_id": "TIC_OFFICIAL_NET_PURCHASES_TREASURIES",
      "label": "Foreign official net purchases of Treasuries",
      "unit": "$bn",
      "latest_month": "2026-07-01",
      "value": 25.537,
      "prior_value": -9.822,
      "trailing_12m": -16.818000000000005,
      "is_holdings": false
    },
    {
      "series_id": "TIC_FOREIGN_HOLDINGS",
      "label": "Foreign holdings of US Treasuries",
      "unit": "$bn",
      "latest_month": "2026-07-01",
      "value": 38820.547,
      "prior_value": 39195.363,
      "trailing_12m": 4861.762999999999,
      "is_holdings": true
    }
  ],
  "positioning": [
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 936671.0,
      "net_pct_oi": 49.20276136526,
      "ww_net": 30017.0,
      "ww_pp": 12.693625766019942,
      "cot_index": 66.1630657498633,
      "percentile": 98.58823529411765,
      "flag": "",
      "as_of": "2026-09-22"
    },
    {
      "report": "tff_fo",
      "code": "13874+",
      "market": "S&P 500",
      "group": "Leveraged funds",
      "group_key": "lev_money",
      "net": -375616.0,
      "net_pct_oi": -19.73088140123213,
      "ww_net": -63785.0,
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      "cot_index": 43.73757337974572,
      "percentile": 6.117647058823529,
      "flag": "",
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    },
    {
      "report": "tff_fo",
      "code": "20974+",
      "market": "Nasdaq-100",
      "group": "Asset managers",
      "group_key": "asset_mgr",
      "net": 73292.0,
      "net_pct_oi": 24.568331215913165,
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      "cot_index": 59.65028740401008,
      "percentile": 65.76470588235294,
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    },
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      "report": "tff_fo",
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      "group": "Leveraged funds",
      "group_key": "lev_money",
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      "percentile": 23.294117647058822,
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    },
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      "report": "tff_fo",
      "code": "239742",
      "market": "Russell 2000",
      "group": "Asset managers",
      "group_key": "asset_mgr",
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      "net_pct_oi": 7.9576529886976655,
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      "percentile": 56.72268907563025,
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      "cot_index": 6.750818001196534,
      "percentile": 0.6302521008403361,
      "flag": "Crowded short",
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      "report": "tff_fo",
      "code": "1170E1",
      "market": "VIX",
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