In panel b), excess reserves are calculated as reserves of depository institutions minus required reserves (the latter are set to zero in 2020). The latest observations in panel a) are 13 March 2023 for financial market data and 8 March 2023 for excess liquidity.
The latest observations in panel b) are 13 March 2023 for financial market data and January 2023 (monthly data) for excess reserves. As available liquidity shrinks, both in aggregate and for most banks, the supply of lending could also contract rapidly.