Monetary Policy
The US Treasury's checking account at the Fed. Like RRP, it is a drain on net liquidity: a rising TGA pulls cash out of the system, a falling TGA adds it back.
Read the units and reporting frequency before comparing periods. A level, a month-to-month change, and a year-over-year change answer different questions. Compare related economic indicators over the same dates.
Economic releases can be revised. Publication dates and the periods being measured may differ, and historical relationships do not establish cause and effect.
The US Treasury's checking account at the Fed. Like RRP, it is a drain on net liquidity: a rising TGA pulls cash out of the system, a falling TGA adds it back.
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