H.4.1 - TGA jump, reserves hold

Total assets in the Fed’s H.4.1 rose to approximately $6.706 trillion in the week ending April 15, 2026, with reserve balances at $3.130 trillion and the Treasury General Account at $924 billion, up from $697 billion, per the Fed’s release federalreserve.gov. The market read is mechanical, not macro: April tax receipts pushed cash into the TGA, but reserves still rose, so the drain did not translate into an immediate funding squeeze. Treasury holdings were roughly $6.406 trillion and agency MBS $1.996 trillion, which still reads as Treasury reinvestment plus slow passive MBS runoff rather than a new balance-sheet tightening impulse federalreserve.gov. ON RRP usage at just $0.21 billion matters more than the headline asset number because that facility is basically drained, leaving reserves as the cleaner liquidity signal when tax cash moves around the system federalreserve.gov. What changes the read is a follow-through week where TGA stays elevated and reserves fall, because with ON RRP already at $0.21 billion the system has much less shock absorber left.

Total assets in the Fed’s H.4.1 rose to approximately $6.706 trillion in the week ending April 15, 2026, with reserve balances at $3.130 trillion and the Treasury General Account at $924 billion, up from $697 billion, per the Fed’s release federalreserve.gov. The market read is mechanical, not macro: April tax receipts pushed cash into the TGA, but reserves still rose, so the drain did not translate into an immediate funding squeeze. Treasury holdings were roughly $6.406 trillion and agency MBS $1.996 trillion, which still reads as Treasury reinvestment plus slow passive MBS runoff rather than a new balance-sheet tightening impulse federalreserve.gov. ON RRP usage at just $0.21 billion matters more than the headline asset number because that facility is basically drained, leaving reserves as the cleaner liquidity signal when tax cash moves around the system federalreserve.gov. What changes the read is a follow-through week where TGA stays elevated and reserves fall, because with ON RRP already at $0.21 billion the system has much less shock absorber left.