Daily TGA Deposits

Think of it this way

It is money going into the government's safe. Every dollar that goes in comes out of someone's bank account: a company that paid taxes, a fund that bought debt. It stops being available that very day.

What is Daily TGA Deposits?

It is the sum of all the money the Treasury took into its account in a day: tax receipts, proceeds from debt issuance, tariffs and fees. It comes from Table II of the Daily Treasury Statement.

How to read Daily TGA Deposits

Daily bars. The giant spikes are almost always debt auction settlement days or tax dates. On other days the figure is relatively stable and dull. Always compare it with the withdrawals on the same day: what matters is the difference. Lag: none; the move and its effect happen on the same day.

What Daily TGA Deposits means for the market

Every dollar deposited in the TGA is a dollar that has left a private bank account. A day of very high deposits with no offsetting withdrawals is a day of net liquidity drain, and those days tend to be hostile to risk assets.

Where the money flows

From taxpayers and debt buyers to the Treasury's account, by two routes. The first is taxes: on April 15 a company transfers what it owes and that money leaves its bank that same day. The second is debt auctions: a fund buys Treasury bills and pays with cash it had on deposit. In both cases the money leaves a private bank account and sits idle at the Fed.

What to watch in Daily TGA Deposits

Do not look at this series on its own: look at the net flow (withdrawals minus deposits). A day with 300 billion in deposits means nothing if that same day there were 290 billion in withdrawals.

Everything that enters the TGA is money leaving private hands.