Again that number is inclusive of retirement accounts, hard to say much without knowing the breakdown but we do know $8k is the closet cash number. I would suspect the majority of the rest are in retirement accounts. Sure bonds and stocks are liquid but not like cash is. Using Fred is not that useful for these type of exercises as I don’t think those datapoints do a great job on topics like this.

So I don’t see what you are trying to point out. Most surveys I have seen put something like a quarter of Americans without any emergency savings.