I have been tracking FED net liquidity on the liquidity topic since before today.
I just created an individual topic for it for the Notion database
It’s important because it is the net liquidity flows coming from the fed balance sheet, the reserve repo, and the Treasury TGA ( important in recent years because of the debt ceiling issues)
The dynamics of liquidity have been beyond QT in recent years, so this is only a commonly used metric that combines some of these dynamics.
As you know, liquidity even increased in 2023/part of 2024(due to repo depletion) despite QT.