{"id": "reserves_level", "framework": "plumbing", "framework_title": "Fed and Treasury plumbing", "title": "Bank reserves", "kind": "level", "direction": "lower_is_worse", "unit": "usd", "display": {"decimals": 2, "suffix": "", "format": "money_t", "signed": false}, "state": "watch", "previous_state": "unknown", "state_changed_on": "2026-09-16", "as_of": "2026-09-16", "value": "2921536000000.000000", "value_display": "$2.92 T", "delta_value": "-114972000000.000000", "delta_display": "−$0.11 T", "delta_period": "1w", "threshold_hit": {"state": "watch", "op": "<=", "value": 3000000000000.0, "rule": null, "stated_by": "cited", "cite": {"key": "end_qt_2025", "title": "Is The Fed About to End QT (and Start QE Again)", "date": "2025-01-05", "url": "https://www.jameslavish.com/p/is-the-fed-about-to-end-qt-and-start"}, "attributed_to": "Kobeissi Letter comfort band $3.0–3.3T"}, "thresholds": [{"state": "watch", "op": "<=", "value": 3000000000000.0, "rule": null, "stated_by": "cited", "cite": 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below the cited $3.00 T watch line."}], "state_history": [{"as_of": "2026-09-16", "state": "watch", "value": "2921536000000.000000"}]}