The instruments Palanor builds to read what the singular series cannot.
Anyone can show you CPI. Anyone can show you the VIX. Palanor builds composites — transparently disclosed, weight-by-weight, with public-source components.
A composite read of global dollar liquidity — the financial weather every asset class trades inside of.
Current reading
74.0
of 100 · Above neutral
Last computed
2026-07-11 08:45 UTC
6 of 6 components used
Overview
Palanor: Liquidity is the weather, not the climate — a 0–100 read of how plentiful or scarce dollar liquidity is right now. It rises when the Fed is expansive, when credit spreads are tight, when the dollar is soft, and when policy rates sit below their neutral anchor. It falls in the inverse regime. We watch this index because almost every other reading — risk appetite, inflation pressure, equity multiples — bends to it.
Why these components
The Fed balance sheet (WALCL) carries the largest weight because base liquidity sits upstream of everything else; we use the 12-month percent change so that the contribution reflects regime — easing, neutral, tightening. The reverse-repo facility (RRP) is included with a negative sign: when RRP balances rise, excess liquidity is draining out of the banking system into a sterile Treasury facility. Credit spreads (high-yield and investment-grade OAS) are the market's real-time price of liquidity at the riskier end of the curve; they widen when liquidity withdraws. The trade-weighted dollar (DXY) is the cross-border lever — a strong dollar tightens global liquidity even when the domestic balance sheet is steady. The fed funds rate is recentered to a neutral anchor near 3.5% so the index reads accommodation vs. restriction rather than absolute level.
Methodology
Each component is transformed to a comparable z-style scale (z-score over 24 months, 12-month % change, or level recentered to a neutral anchor) and sign-flipped where negative. The weighted sum is mapped through a logistic function to 0–100. Missing components are dropped and remaining weights renormalized.
Interpretation
Readings above 65 indicate a flush liquidity regime — the kind in which risk assets reach for multiples and credit can absorb shocks. Readings below 35 indicate a draining regime, in which financial conditions are tightening regardless of what the Fed has formally announced. Sharp inflections in this index lead most other macro narratives by weeks.
Caveats
Liquidity is a much-debated construct. There is no single canonical measure. This index is a working composite, not an academic one. It is most useful for direction-of-travel and regime detection, not for level claims. The neutral-rate anchor at 3.5% is a working assumption; reasonable analysts hold it anywhere from 3% to 4%.
Components & Weights
Every component, every weight. The 30-day spark shows how the underlying series has moved; the transform column shows how it converts to a comparable scale before weighting. Direction indicates whether rising values raise or lower the index.
Component
Source
Weight
Direction
Transform
30d
24h
30d Δ
Now contributing
Fed Balance Sheet (WALCL)
FRED
30%
positive
pct_change_12m
▲ 11045
▼ 815
+0.546
Reverse Repo Operations
FRED
15%
negative
pct_change_12m
Current Reading
Value
74.0
Raw composite
1.048
Scale
sigmoid_0_100
Numen for the public read:
Palanor reads liquidity as elevated at 74.0 of 100 — well above its 24-month neutral. The composite is leaning into the regime, not against it.
Historical
24-month history of this index. The composite is recomputed daily; values are stored with timestamps.
83 readings · 57 days · range 72.47 — 83.645/16/2026 → 7/11/2026
Y-axis auto-zoomed · data clusters tightly
Download
Raw readings · 83 rows ▾
#
Computed at
Value
Δ
83
7/11/2026, 8:45:33 AM
74.0446
+0.1965
82
7/10/2026, 8:45:10 AM
73.8481
-0.4204
81
7/9/2026, 8:45:51 AM
74.2686
+0.4326
80
7/8/2026, 8:45:51 AM
73.8360
+0.1579
79
7/7/2026, 8:45:51 AM
73.6780
+0.2603
78
7/6/2026, 8:45:51 AM
73.4178
+0.0001
77
7/5/2026, 8:45:51 AM
73.4177
+0.1623
76
7/4/2026, 8:45:51 AM
73.2554
+0.0560
75
7/3/2026, 8:45:51 AM
73.1994
-0.4233
74
7/2/2026, 8:45:51 AM
73.6227
+1.0625
73
7/1/2026, 8:45:33 AM
72.5603
+0.0943
72
6/30/2026, 8:45:33 AM
72.4659
-1.1733
71
6/29/2026, 8:45:48 AM
73.6392
-0.2208
70
6/28/2026, 8:45:48 AM
73.8599
+0.0103
69
6/27/2026, 8:45:48 AM
73.8497
-0.4582
68
6/26/2026, 8:45:48 AM
74.3079
-0.5333
67
6/25/2026, 8:45:26 AM
74.8412
-0.6028
66
6/24/2026, 8:45:27 AM
75.4439
-0.0498
65
6/23/2026, 8:45:02 AM
75.4938
-1.4118
64
6/22/2026, 8:45:03 AM
76.9055
-0.0648
63
6/21/2026, 8:45:05 AM
76.9703
-0.0043
62
6/20/2026, 8:45:11 AM
76.9746
-0.0061
61
6/19/2026, 8:45:11 AM
76.9807
+1.4601
60
6/18/2026, 8:45:30 AM
75.5206
-0.6648
59
6/17/2026, 8:45:20 AM
76.1854
+0.0965
58
6/16/2026, 8:45:07 AM
76.0889
+1.5399
57
6/15/2026, 8:45:07 AM
74.5490
+0.0486
56
6/14/2026, 8:45:39 AM
74.5005
-0.0356
55
6/13/2026, 8:45:06 AM
74.5361
+0.1941
54
6/12/2026, 8:45:15 AM
74.3419
-0.1840
53
6/11/2026, 8:45:20 AM
74.5260
-0.3682
52
6/10/2026, 8:45:36 AM
74.8942
-0.0410
51
6/9/2026, 8:45:50 AM
74.9352
-1.1044
50
6/8/2026, 10:53:02 PM
76.0396
-0.2938
49
6/8/2026, 8:45:32 AM
76.3334
-0.4773
48
6/7/2026, 8:45:27 AM
76.8107
+0.0063
47
6/6/2026, 8:45:27 AM
76.8044
+0.1086
46
6/5/2026, 8:45:49 AM
76.6958
-0.6247
45
6/4/2026, 7:12:08 PM
77.3205
0.0000
44
6/4/2026, 4:21:19 PM
77.3205
0.0000
43
6/4/2026, 4:20:29 PM
77.3205
0.0000
42
6/4/2026, 4:19:59 PM
77.3205
0.0000
41
6/4/2026, 8:45:37 AM
77.3205
+0.5710
40
6/3/2026, 8:45:11 AM
76.7495
+0.4005
39
6/2/2026, 8:45:28 AM
76.3491
-0.1196
38
6/2/2026, 3:48:31 AM
76.4686
0.0000
37
6/2/2026, 3:13:23 AM
76.4686
0.0000
36
6/2/2026, 3:02:27 AM
76.4686
0.0000
35
6/2/2026, 3:00:46 AM
76.4686
-0.0176
34
6/1/2026, 8:45:43 AM
76.4862
0.0000
33
5/31/2026, 8:45:31 AM
76.4862
+0.0550
32
5/30/2026, 8:45:24 AM
76.4313
0.0000
31
5/30/2026, 5:04:17 AM
76.4313
0.0000
30
5/30/2026, 4:55:33 AM
76.4313
-0.4382
29
5/30/2026, 4:12:33 AM
76.8695
0.0000
28
5/30/2026, 4:12:16 AM
76.8695
-0.1026
27
5/29/2026, 8:45:25 AM
76.9721
+0.1208
26
5/29/2026, 4:58:23 AM
76.8513
+0.0102
25
5/28/2026, 8:45:10 AM
76.8412
+0.2078
24
5/27/2026, 8:45:47 AM
76.6333
+0.5393
23
5/26/2026, 8:45:22 AM
76.0941
0.0000
22
5/26/2026, 6:48:29 AM
76.0941
0.0000
21
5/26/2026, 6:48:23 AM
76.0941
0.0000
20
5/26/2026, 3:54:56 AM
76.0941
0.0000
19
5/26/2026, 3:54:10 AM
76.0941
0.0000
18
5/26/2026, 3:53:40 AM
76.0941
+0.0285
17
5/25/2026, 8:45:24 AM
76.0655
+0.0081
16
5/24/2026, 8:45:43 AM
76.0574
-0.3017
15
5/23/2026, 8:45:24 AM
76.3591
+0.3241
14
5/22/2026, 8:45:17 AM
76.0350
+2.2144
13
5/21/2026, 8:45:04 AM
73.8206
-1.4254
12
5/20/2026, 8:45:28 AM
75.2460
-0.6077
11
5/19/2026, 8:45:33 AM
75.8537
-1.6702
10
5/18/2026, 8:45:10 AM
77.5239
0.0000
9
5/18/2026, 5:35:56 AM
77.5239
0.0000
8
5/18/2026, 5:33:37 AM
77.5239
0.0000
7
5/18/2026, 5:33:19 AM
77.5239
-0.0622
6
5/17/2026, 11:14:02 PM
77.5861
0.0000
5
5/17/2026, 9:00:53 PM
77.5861
0.0000
4
5/17/2026, 8:45:24 AM
77.5861
+0.1382
3
5/16/2026, 8:45:38 AM
77.4479
0.0000
2
5/16/2026, 1:41:47 AM
77.4479
-6.1955
1
5/16/2026, 1:39:32 AM
83.6434
—
References
FRED — Federal Reserve Economic Data, St. Louis Fed. https://fred.stlouisfed.org/
Atlanta Fed — Wage Growth Tracker and Sticky-Price CPI. https://www.atlantafed.org/research
