Net liquidity Vs. Fed Assets/TGA/Reverse Repo

Net liquidity is now controlling the stock market via the following formula: 

Net liquidity = Fed Assets - Treasury General Account - Reverse Repo

Treasury General Account Vs. U.S. Dollar

Whenever the U.S. Treasury is out of cash in the Treasury General Account (TGA), additional cash will need to be borrowed by raising the debt limit and monetized by the Federal Reserve. This puts pressure on the U.S. dollar currency.  

Treasury Cash Depleted By August

Danielle Dimartino Booth says the TGA account will be depleted in a few months and this is without the reverse repo problems accounted for. A lot of debt will need to be issued.