The red line is hogging the Y axis

Excess reserves and match treasuries held.  This is the loan and deposit numbers that matter.  The ratio of the two barely changes, and holds nearly at 1, and the variation is all in the blue line.  Even though the red is stuck, the blue does price discovery, to the tune of about 1% of GDP, so there id not much price variation allowed, we are liquidity short.

What is the problem?

Th3e red line are loans outstanding to the member banks, and all the borrowing is done by one member bank, the Swamp.  The Swamp has no liquidity, so the red line barely adjusts with the blue, almost never.  Oh, you say, that red is some magic by the Fed.  No, the Fed and Treasury co-plot, they act as one.  Our federal government is very unresponsive, held in a severe debt bind and operating via insider trading from the Senate. The federales cannot do price discovery, the volatility of price adjustment wrecks havoc with the budgeting process.  No discretionary spending lewft.