FOMC Introductory Statement, September 16, 2026
Federal Reserve · YouTube · Published 16 Sept 2026
Watch on YouTube →ViLiQ
Daily brief
Generated from what VILIQ can observe right now, not written in advance
How to read this
Every line says which of four things it is. They are never combined.
- Observed · 31A publisher stated this figure. VILIQ shows it as published.
- VILIQ calculated · 31VILIQ computed this from published figures, and shows the arithmetic so it can be checked.
- VILIQ analysis · 6VILIQ’s own model reading. An inference, not an observation.
- Not known · 18Something VILIQ cannot see, named so the brief does not read as complete.
- Generated
- Oldest input
These figures do not share a timestamp. A crypto quote is minutes old; an official reference rate is from its last publication. Each line carries its own.
Ask VILIQ Research about this briefWhat changed
Why it matters. Each change is the difference between the last two values one publisher released for one series, with both dates named. That is a change in the series, not in what VILIQ happened to reach.
VILIQ calculatedBitcoin-317.70 USD (-0.38%)(25 Sept 2026, 00:00 UTC → 25 Sept 2026, 22:44 UTC)
Source: CoinGeckoCurrent · 15h ago
Computed from: 84,060.26 on 25 Sept 2026, 22:44 UTC − 84,377.97 on 25 Sept 2026, 00:00 UTC, both from CoinGecko
Two consecutive observations of one series from one publisher.
VILIQ calculatedEthereum+5.96 USD (+0.22%)(25 Sept 2026, 00:00 UTC → 25 Sept 2026, 22:44 UTC)
Source: CoinGeckoCurrent · 15h ago
Computed from: 2,693.08 on 25 Sept 2026, 22:44 UTC − 2,687.13 on 25 Sept 2026, 00:00 UTC, both from CoinGecko
Two consecutive observations of one series from one publisher.
VILIQ calculatedEuro / US dollar+0.0036 USD (+0.32%)(24 Sept 2026 → 25 Sept 2026)
Source: European Central BankCurrent · 1d ago
Computed from: 1.1403 on 25 Sept 2026 − 1.1367 on 24 Sept 2026, both from European Central Bank
Two consecutive observations of one series from one publisher.
VILIQ calculatedPound sterling / US dollar+0.0033 USD (+0.25%)(24 Sept 2026 → 25 Sept 2026)
Source: European Central BankCurrent · 1d ago
Computed from: 1.3252 on 25 Sept 2026 − 1.3220 on 24 Sept 2026, both from European Central Bank
Two consecutive observations of one series from one publisher.
VILIQ calculatedUS dollar / Japanese yen-1.2645 JPY (-0.80%)(24 Sept 2026 → 25 Sept 2026)
Source: European Central BankCurrent · 1d ago
Computed from: 157.5901 on 25 Sept 2026 − 158.8546 on 24 Sept 2026, both from European Central Bank
Two consecutive observations of one series from one publisher.
VILIQ calculatedAustralian dollar / US dollar+0.0004 USD (+0.05%)(24 Sept 2026 → 25 Sept 2026)
Source: European Central BankCurrent · 1d ago
Computed from: 0.7030 on 25 Sept 2026 − 0.7027 on 24 Sept 2026, both from European Central Bank
Two consecutive observations of one series from one publisher.
VILIQ calculatedEffective federal funds rate (EFFR)0 bp(23 Sept 2026 → 24 Sept 2026)
Source: Federal Reserve Bank of New YorkCurrent · 2d ago
Computed from: 3.88 on 24 Sept 2026 − 3.88 on 23 Sept 2026, both from Federal Reserve Bank of New York
Two consecutive observations of one series from one publisher.
VILIQ calculated2Y Treasury yield-6 bp(24 Sept 2026 → 25 Sept 2026)
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 4.81 on 25 Sept 2026 − 4.87 on 24 Sept 2026, both from U.S. Department of the Treasury
Two consecutive observations of one series from one publisher.
VILIQ calculated10Y Treasury yield-1 bp(24 Sept 2026 → 25 Sept 2026)
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 5.17 on 25 Sept 2026 − 5.18 on 24 Sept 2026, both from U.S. Department of the Treasury
Two consecutive observations of one series from one publisher.
VILIQ calculated10Y real Treasury yield (TIPS)-2 bp(24 Sept 2026 → 25 Sept 2026)
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 2.83 on 25 Sept 2026 − 2.85 on 24 Sept 2026, both from U.S. Department of the Treasury
Two consecutive observations of one series from one publisher.
VILIQ calculated2s10s spread (10Y − 2Y)+5 bp(24 Sept 2026 → 25 Sept 2026)
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 36 on 25 Sept 2026 − 31 on 24 Sept 2026, both from U.S. Department of the Treasury
Two consecutive curve dates. On each, both tenors come from the same Treasury publication.
VILIQ calculatedOvernight reverse repo (ON RRP) take-up-0.054 USD bn(24 Sept 2026 → 25 Sept 2026)
Source: Federal Reserve Bank of New YorkCurrent · 1d ago
Computed from: 0.576 on 25 Sept 2026 − 0.630 on 24 Sept 2026, both from Federal Reserve Bank of New York
Two consecutive observations of one series from one publisher.
VILIQ calculatedTreasury General Account balance-22.690 USD bn(23 Sept 2026 → 24 Sept 2026)
Source: U.S. Department of the TreasuryCurrent · 2d ago
Computed from: 924.627 on 24 Sept 2026 − 947.317 on 23 Sept 2026, both from U.S. Department of the Treasury
Two consecutive observations of one series from one publisher.
VILIQ calculatedUS commercial crude oil inventories (excl. SPR)+2,969 thousand barrels(11 Sept 2026 → 18 Sept 2026)
Source: U.S. Energy Information AdministrationCurrent · 8d ago
Computed from: 426,398 on 18 Sept 2026 − 423,429 on 11 Sept 2026, both from U.S. Energy Information Administration
Two consecutive observations of one EIA series. A change in a measured quantity. Not a change in any price.
VILIQ calculatedUS crude oil field production-5 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)
Source: U.S. Energy Information AdministrationCurrent · 8d ago
Computed from: 13,939 on 18 Sept 2026 − 13,944 on 11 Sept 2026, both from U.S. Energy Information Administration
Two consecutive observations of one EIA series. A change in a measured quantity. Not a change in any price.
VILIQ calculatedUS crude oil imports-1,181 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)
Source: U.S. Energy Information AdministrationCurrent · 8d ago
Computed from: 5,877 on 18 Sept 2026 − 7,058 on 11 Sept 2026, both from U.S. Energy Information Administration
Two consecutive observations of one EIA series. A change in a measured quantity. Not a change in any price.
VILIQ calculatedUS crude oil exports-1,550 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)
Source: U.S. Energy Information AdministrationCurrent · 8d ago
Computed from: 3,281 on 18 Sept 2026 − 4,831 on 11 Sept 2026, both from U.S. Energy Information Administration
Two consecutive observations of one EIA series. A change in a measured quantity. Not a change in any price.
VILIQ calculatedUS natural gas in underground storage (lower 48)+53 billion cubic feet(11 Sept 2026 → 18 Sept 2026)
Source: U.S. Energy Information AdministrationCurrent · 8d ago
Computed from: 3,351 on 18 Sept 2026 − 3,298 on 11 Sept 2026, both from U.S. Energy Information Administration
Two consecutive observations of one EIA series. A change in a measured quantity. Not a change in any price.
ObservedEuropean Central Bank last decision+0.25 pp
Moved to 2.65% from 2.40%, effective 16 Sept 2026. Not necessarily today.
ObservedBank of Canada last decision-0.25 pp
Moved to 2.25% from 2.50%, effective 30 Oct 2025. Not necessarily today.
ObservedReserve Bank of Australia last decision+0.25 pp
Moved to 4.35% from 4.10%, effective 6 May 2026. Not necessarily today.
ObservedBank of England last decision-0.25 pp
Moved to 3.75% from 4.00%, effective 18 Dec 2025. Not necessarily today.
ObservedSwiss National Bank last decision-0.25 pp
Moved to 0.00% from 0.25%, effective 20 June 2025. Not necessarily today.
Not knownWhat changed since VILIQ’s previous brief
VILIQ does not store past briefs, so there is no brief-to-brief comparison. Every change above is computed inside one publisher’s own series between two consecutive observations of the same quantity — which measures the market rather than measuring what VILIQ was able to reach yesterday.
What is not known. A change here spans whatever time separates the two publications — a weekend, a holiday, or a missed release. It is not always one day.
Crypto
Why it matters. Bitcoin and Ether trade around the clock, so these are the only figures in the brief that can move while you read it.
What is not known. Exchange order books, flows into funds and on-chain activity are not observed here. The price says where trades happened, not why.
FX — official daily reference rates
Why it matters. The European Central Bank fixes these once each business day. They are the reference many contracts and statements use, which is why VILIQ shows them rather than a trading quote.
VILIQ calculatedPound sterling / US dollar1.3252 USD+0.0033(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Computed from: (EUR/USD) ÷ (EUR/GBP)
VILIQ calculatedUS dollar / Japanese yen157.5901 JPY-1.2645(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Computed from: (EUR/JPY) ÷ (EUR/USD)
VILIQ calculatedAustralian dollar / US dollar0.7030 USD+0.0004(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Computed from: (EUR/USD) ÷ (EUR/AUD)
What is not known. Intraday movement, bid and ask, and any pair the ECB does not publish — the Vietnamese dong among them.
Rates and the US Treasury curve
Why it matters. Treasury yields set the price of borrowing in US dollars. The gap between short and long maturities is one of the most-watched readings of how tight money is.
Observed2Y Treasury yield4.81%-6 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Observed5Y Treasury yield4.98%-5 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Observed10Y Treasury yield5.17%-1 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Observed30Y Treasury yield5.49%+2 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Observed10Y real Treasury yield (TIPS)2.83%-2 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
VILIQ calculated2s10s spread (10Y − 2Y)+36 bp+5 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 10Y − 2Y, both from the 25 Sept 2026 curve
VILIQ calculated5s30s spread (30Y − 5Y)+51 bp+7 bp(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
Source: U.S. Department of the TreasuryCurrent · 1d ago
Computed from: 30Y − 5Y, both from the 25 Sept 2026 curve
What is not known. Yields during the trading day, and any market-implied path for future rates. VILIQ holds the Treasury’s end-of-day curve only.
Central bank decisions
Why it matters. A policy rate is the one price a central bank sets directly. Everything else in the brief moves around it.
The committee's decision. The effective federal funds rate itself is in the rates section: it is measured from transactions inside this range, not set.
Last moved +0.25 pp, effective 16 Sept 2026.
Last moved -0.25 pp, effective 30 Oct 2025.
Last moved +0.25 pp, effective 6 May 2026.
Last moved -0.25 pp, effective 18 Dec 2025.
Last moved -0.25 pp, effective 20 June 2025.
VILIQ calculatedEUR/USD policy rate differential-1.23 pp
Source: VILIQ, from the two central banks named
Computed from: European Central Bank Main refinancing operations, fixed rate (2.65%) − Federal Reserve Effective federal funds rate (3.88%)
The two legs carry different effective dates. Not a market-implied differential.
VILIQ calculatedGBP/USD policy rate differential-0.13 pp
Source: VILIQ, from the two central banks named
Computed from: Bank of England Bank Rate (3.75%) − Federal Reserve Effective federal funds rate (3.88%)
Not a market-implied differential: no forward, swap or expectation is involved.
VILIQ calculatedUSD/CHF policy rate differential+3.88 pp
Source: VILIQ, from the two central banks named
Computed from: Federal Reserve Effective federal funds rate (3.88%) − Swiss National Bank SNB policy rate (0%)
The two legs carry different effective dates. Not a market-implied differential.
VILIQ calculatedAUD/USD policy rate differential+0.47 pp
Source: VILIQ, from the two central banks named
Computed from: Reserve Bank of Australia Cash rate target (4.35%) − Federal Reserve Effective federal funds rate (3.88%)
Not a market-implied differential: no forward, swap or expectation is involved.
VILIQ calculatedUSD/CAD policy rate differential+1.63 pp
Source: VILIQ, from the two central banks named
Computed from: Federal Reserve Effective federal funds rate (3.88%) − Bank of Canada Target for the overnight rate (2.25%)
Not a market-implied differential: no forward, swap or expectation is involved.
VILIQ calculatedEUR/GBP policy rate differential-1.10 pp
Source: VILIQ, from the two central banks named
Computed from: European Central Bank Main refinancing operations, fixed rate (2.65%) − Bank of England Bank Rate (3.75%)
The two legs carry different effective dates. Not a market-implied differential.
VILIQ calculatedEUR/AUD policy rate differential-1.70 pp
Source: VILIQ, from the two central banks named
Computed from: European Central Bank Main refinancing operations, fixed rate (2.65%) − Reserve Bank of Australia Cash rate target (4.35%)
The two legs carry different effective dates. Not a market-implied differential.
VILIQ calculatedGBP/AUD policy rate differential-0.60 pp
Source: VILIQ, from the two central banks named
Computed from: Bank of England Bank Rate (3.75%) − Reserve Bank of Australia Cash rate target (4.35%)
Not a market-implied differential: no forward, swap or expectation is involved.
Not knownReserve Bank of New Zealand (NZD)
The Reserve Bank of New Zealand does not allow automated reading of its published rate, so VILIQ cannot show it.
Not knownBank of Japan (JPY)
The Bank of Japan publishes its policy rate only through an interactive search page, not in a form a program can read, so VILIQ cannot show it.
The Bank for International Settlements publishes the policy rates of these banks together, including Japan and New Zealand. VILIQ reads the Swiss National Bank’s rate from it, on the BIS condition that the figure never costs users anything extra. Reading the other banks from it is a decision VILIQ has not yet made, so they are not shown.
Not knownWhat any central bank is expected to do next
VILIQ has no licensed source for rate futures, swaps or forwards, so nothing here is an expectation.
What is not known. What any bank will do next. VILIQ has no licensed source for rate futures, swaps or forwards.
Energy fundamentals
Why it matters. Inventories and production are measured quantities from the U.S. Energy Information Administration. They describe supply, not price.
ObservedUS commercial crude oil inventories (excl. SPR)426,398 thousand barrels+2,969 thousand barrels(11 Sept 2026 → 18 Sept 2026)VILIQ calculated
ObservedUS crude oil field production13,939 thousand barrels per day-5 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)VILIQ calculated
ObservedUS crude oil imports5,877 thousand barrels per day-1,181 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)VILIQ calculated
ObservedUS crude oil exports3,281 thousand barrels per day-1,550 thousand barrels per day(11 Sept 2026 → 18 Sept 2026)VILIQ calculated
ObservedUS natural gas in underground storage (lower 48)3,351 billion cubic feet+53 billion cubic feet(11 Sept 2026 → 18 Sept 2026)VILIQ calculated
Not knownUS refinery utilisation
Not yet verified against the publisher’s own figures, so VILIQ does not show it yet.
Not knownWhat a barrel or a therm costs
No approved provider for WTI crude futures, Brent crude futures, Henry Hub natural gas futures, RBOB gasoline futures. An inventory draw is not a price.
What is not known. What a barrel of oil or a unit of gas costs. VILIQ has no approved price source.
Liquidity
Why it matters. Money parked at the Federal Reserve’s reverse repo facility and in the Treasury’s account is money not circulating in markets. Movements in either change how much cash the system has.
ObservedOvernight reverse repo (ON RRP) take-up0.576 USD bn-0.054 USD bn(24 Sept 2026 → 25 Sept 2026)VILIQ calculated
ObservedTreasury General Account balance924.627 USD bn-22.690 USD bn(23 Sept 2026 → 24 Sept 2026)VILIQ calculated
What is not known. Bank reserves and the Federal Reserve’s wider balance sheet are not in this section.
Where money is moving
Why it matters. VILIQ’s flow engine combines the observed series into a pressure reading for each part of the market. It is a model, and says how much of its input it could see.
Source: VILIQ flow engine flow-1.1.01d ago
Measured from 70% of this node's inputs. An inference, not an observation.
Source: VILIQ flow engine flow-1.1.08d ago
Measured from 100% of this node's inputs. An inference, not an observation.
Source: VILIQ flow engine flow-1.1.01d ago
Measured from 100% of this node's inputs. An inference, not an observation.
Source: VILIQ flow engine flow-1.1.01d ago
Measured from 100% of this node's inputs. An inference, not an observation.
Source: VILIQ flow engine flow-1.1.01d ago
Measured from 60% of this node's inputs. An inference, not an observation.
Source: VILIQ flow engine flow-1.1.01d ago
Measured from 70% of this node's inputs. An inference, not an observation.
Not known6 flow nodes unmeasured
Too few inputs to measure: Credit, Equities, Silver, Bitcoin, Ethereum, Digital risk assets.
What is not known. Any node with too few observed inputs is left unmeasured rather than estimated.
Official news
Why it matters. Releases from central banks, statistics offices and regulators, as their publishers issued them.
Headlines are shown as the publisher wrote them.
Not knownMarket reaction to these releases
VILIQ holds the publications, not a measured market reaction to them. Nothing here says what prices did.
What is not known. How prices responded to any release. VILIQ holds the publications, not a measured reaction.
What VILIQ cannot see
Why it matters. A brief that omits its blind spots reads as complete. These are the ones that matter most, and why each exists.
Not knownEquity indices and single stocks
No licensed provider. Index levels generally require an exchange agreement.
Not knownGold (XAU)
No licensed source. The benchmark gold price can be read, but showing it in a commercial product requires a licence VILIQ does not hold.
Not knownSilver (XAG)
No licensed source. As with gold, the benchmark silver price can be read, and VILIQ holds no licence to show it.
Not knownPlatinum (XPT)
No source VILIQ is allowed to use and can read automatically. The service VILIQ previously relied on has stopped providing prices in a usable form.
Not knownPalladium (XPD)
No source VILIQ is allowed to use and can read automatically. The service VILIQ previously relied on has stopped providing prices in a usable form.
Not knownCopper (HG)
No source. Copper futures prices require an exchange agreement, and VILIQ has not verified any official publisher of a daily copper reference.
Not knownEnergy market prices
No approved provider for WTI, Brent or natural gas quotes.
Not knownCredit spreads and equity volatility
The only available series are copyright-restricted and remain disabled, so the credit and volatility flow nodes cannot be measured.
Not knownUSD/VND
No approved source publishes a daily or live rate, so the Vietnam gold conversion stays incomplete. The BIS publishes an official monthly reference, about three months behind, shown on Markets — not a rate for today.
What is not known. Each gap below closes only when a licensed or official source is connected.
Watch
Recent video from central banks’ own channels, verified public and embeddable. Played in YouTube’s player; nothing is copied.
Monetary Policy Report Press Conference, 30 July 2026
Bank of England · YouTube · Published 30 July 2026
Watch on YouTube →
VILIQ provides market intelligence, research and educational information. It is not financial product advice and does not take your personal circumstances into account. Consider your own situation and seek licensed advice before making financial decisions.