What is Trading Range?

Trading Range is an institutional-grade daily macro terminal for US equities, compiling Fed net liquidity, 10Y TIPS real yields, VIX volatility, market breadth, and cross-asset signals into a single dashboard with minimal noise.

How is Federal Reserve Net Liquidity calculated?

Fed Net Liquidity is calculated as Total Fed Assets (WALCL) minus Treasury General Account (WTREGEN) minus Overnight Reverse Repurchase Agreements (RPTCW). It correlates over 85% with medium-term S&P 500 trends.

What does the 10Y-2Y yield curve spread signal?

Un-inversion of the 10Y-2Y yield curve spread (moving back above zero) is a sensitive leading indicator for economic cycle transitions and recession timing.

What is Equity Risk Premium (ERP)?

Equity Risk Premium (ERP) is calculated as S&P 500 Forward Earnings Yield (1 / Forward P/E) minus 10-Year Treasury Yield. Values below 1% signal equities are expensive relative to risk-free bonds.

2026-08-11 Daily Briefing•Verified Macro Data

Daily Macro Briefing: Tech Sector Leads Broadening Rally as Volatility Subdues

"S&P 500 gains 0.45% driven by semiconductor momentum. Credit spreads narrow to 3.38%, reflecting benign default environment."

Net Liquidity$6.14T 10Y Yield4.21%VIX Index16.05 Fear & Greed59 (Greed)

### Market Dynamics & Liquidity
Equities closed higher led by technology sector strength. TSMC reported strong monthly revenue growth (+44.7% YoY), confirming robust AI hardware demand across global supply chains.

### Volatility & Sector Flows
Option volume reflects balanced Put/Call ratios (0.78), while high-yield credit spreads narrowed to 3.38%, signaling minimal credit market anxiety.