The key indicators of macroeconomic liquidity, in terms of price, are the policy interest rates and the term structure of interest rates paid by borrowers. In terms of quantity, the key indicators are the growth of monetary and credit aggregates and the state of credit conditions more generally.
In normal times, central bankers tend to place more emphasis on interest rates than on monetary and credit measures. Nevertheless, the growth rates of monetary and credit aggregates do appear to have some explanatory power regarding the future evolution of spending and inflation, and are thus useful additional indicators of liquidity.