WASHINGTON – The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2024. The next release, which will report on data for February 2024, is scheduled for April 17, 2024.
The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $8.8 billion. Of this, net foreign private outflows were $26.9 billion, and net foreign official inflows were $18.1 billion.
Foreign residents increased their holdings of long-term U.S. securities in January; their net purchases were $79.8 billion. Net purchases by private foreign investors were $75.6 billion, while net purchases by foreign official institutions were $4.2 billion.
U.S. residents increased their holdings of long-term foreign securities, with net purchases of $43.7 billion.
After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $36.1 billion in January.
Foreign residents decreased their holdings of U.S. Treasury bills by $27.8 billion. Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased by $32.0 billion.
Banks’ own net dollar-denominated liabilities to foreign residents decreased by $12.8 billion.
Complete data are available on the Treasury website here.
About TIC Data
The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data. These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy. For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data. The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries. In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data. For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries.
Forthcoming New Data on Valuation Changes in Holdings of Long-Term Securities
Starting with the April 17, 2024 release, the Treasury International Capital (TIC) system will begin reporting monthly valuation changes in holdings of long-term securities. Data will be available on the Treasury website here.
Tables 1, 2, and 3 on monthly holdings of securities, which currently have blank columns for valuation changes, will show valuation changes as far back as February 2023. The new data will show total monthly changes in the fair market value of holdings that result only from changes in the prices of the securities held. The data are becoming available for the first time because of changes in reporting on TIC Form SLT that began in February 2023 and that are described in the TIC press releases of March 15, 2023 and April 17, 2023.
There will be no change to the monthly TIC press release or to monthly reporting on banking claims and liabilities, derivatives, and claims and liabilities of nonfinancial firms.
Press Notice TIC for March 2024
TIC Monthly Reports on Cross-Border Financial Flows | |||||||||||||
(Billions of dollars, not seasonally adjusted) | |||||||||||||
| 12 Months Through | |||||||||||||
| 2022 | 2023 | Jan-23 | Jan-24 | Oct | Nov | Dec | Jan | ||||||
| Foreigners' Acquisitions of Long-Term Securities | |||||||||||||
| 1 | Gross U.S. Sales of Domestic U.S. Securities | 61438.4 | 51965.7 | 59823.2 | 52276.0 | 4344.2 | 4460.5 | 4172.2 | 4439.0 | ||||
| 2 | Gross U.S. Purchases of Domestic U.S. Securities | 60443.7 | 50875.2 | 58852.1 | 51136.3 | 4386.8 | 4337.7 | 4031.8 | 4359.2 | ||||
| 3 | Domestic Securities, net U.S. sales (line 1 less line 2) /1 | 994.7 | 1090.5 | 971.1 | 1139.6 | -42.6 | 122.8 | 140.5 | 79.8 | ||||
| 4 | Private, net /2 | 1005.5 | 942.2 | 1059.9 | 933.8 | -18.5 | 157.3 | 101.0 | 75.6 | ||||
| 5 | Treasury Bonds & Notes, net | 927.3 | 482.6 | 961.0 | 449.3 | 46.6 | 104.7 | 7.7 | 62.7 | ||||
| 6 | Gov't Agency Bonds, net | 141.5 | 119.9 | 140.5 | 127.2 | 0.4 | 20.9 | 5.4 | 12.3 | ||||
| 7 | Corporate Bonds, net | 147.3 | 281.2 | 144.5 | 295.6 | 1.0 | 31.5 | 21.7 | 17.4 | ||||
| 8 | Equities, net | -210.6 | 58.5 | -186.0 | 61.7 | -66.4 | 0.1 | 66.1 | -16.8 | ||||
| 9 | Official, net /3 | -10.8 | 148.3 | -88.8 | 205.8 | -24.1 | -34.5 | 39.5 | 4.2 | ||||
| 10 | Treasury Bonds & Notes, net | -173.3 | 55.5 | -231.7 | 106.9 | -20.1 | -32.3 | 26.1 | 5.2 | ||||
| 11 | Gov't Agency Bonds, net | 162.1 | 40.1 | 146.4 | 34.6 | 5.5 | -4.6 | -0.8 | -4.6 | ||||
| 12 | Corporate Bonds, net | 16.6 | 23.1 | 14.2 | 26.3 | 1.8 | 2.7 | 2.1 | 2.6 | ||||
| 13 | Equities, net | -16.2 | 29.6 | -17.7 | 38.0 | -11.4 | -0.3 | 12.1 | 1.0 | ||||
| 14 | Gross U.S. Sales of Foreign Securities | 26835.5 | 13754.7 | 27396.1 | 12603.3 | 1010.7 | 993.4 | 1180.5 | 1319.8 | ||||
| 15 | Gross U.S. Purchases of Foreign Securities | 26509.0 | 13818.3 | 27073.7 | 12710.7 | 992.2 | 1016.4 | 1162.4 | 1363.5 | ||||
| 16 | Foreign Securities, net U.S. sales (line 14 less line 15) /4 | 326.5 | -63.6 | 322.3 | -107.5 | 18.5 | -23.0 | 18.1 | -43.7 | ||||
| 17 | Foreign Bonds, net | 281.6 | -78.1 | 266.6 | -129.5 | -9.4 | -9.5 | 0.0 | -43.3 | ||||
| 18 | Foreign Equities, net | 44.9 | 14.4 | 55.8 | 22.0 | 27.9 | -13.6 | 18.1 | -0.4 | ||||
| 19 | Net Long-Term Securities Transactions (lines 3 and 16): | 1321.2 | 1026.9 | 1293.4 | 1032.2 | -24.1 | 99.7 | 158.6 | 36.1 | ||||
| 20 | Other Acquisitions of Long-Term Securities, net /5 | -6981.2 | -564.6 | -6905.1 | -0.3 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| 21 | Net Foreign Acquisition of Long-Term Securities | ||||||||||||
| (lines 19 and 20): | -5659.9 | 462.3 | -5611.7 | 1031.9 | -24.1 | 99.7 | 158.6 | 36.1 | |||||
| 22 | Increase in Foreign Holdings of Dollar-Denominated Short-Term | ||||||||||||
| U.S. Securities and Other Custody Liabilities: /6 | 194.3 | -104.3 | 123.7 | -131.9 | -69.8 | 33.5 | -0.8 | -32.0 | |||||
| 23 | U.S. Treasury Bills | -37.4 | 132.7 | -56.6 | 114.6 | -25.5 | 29.2 | 18.0 | -27.8 | ||||
| 24 | Private, net | -28.5 | 121.4 | -39.5 | 113.9 | -25.8 | 18.0 | 14.1 | -28.2 | ||||
| 25 | Official, net | -8.9 | 11.3 | -17.1 | 0.7 | 0.3 | 11.2 | 4.0 | 0.3 | ||||
| 26 | Other Negotiable Instruments | ||||||||||||
| and Selected Other Liabilities: /7 | 231.7 | -237.0 | 180.3 | -246.4 | -44.3 | 4.3 | -18.9 | -4.1 | |||||
| 27 | Private, net | 231.0 | -220.6 | 177.0 | -225.1 | -44.9 | 3.9 | -21.3 | -4.9 | ||||
| 28 | Official, net | 0.6 | -16.4 | 3.3 | -21.3 | 0.6 | 0.4 | 2.4 | 0.8 | ||||
| 29 | Change in Banks' Own Net Dollar-Denominated Liabilities | 254.6 | -52.8 | 266.2 | -232.5 | 8.4 | 90.0 | -20.4 | -12.8 | ||||
| 30 | Monthly Net Dollar-Denominated Portfolio Inflows (lines 21, 22, and 29) /8 /9 | -5211.1 | 305.2 | -5221.9 | 667.6 | -85.5 | 223.3 | 137.4 | -8.8 | ||||
| of which | |||||||||||||
| 31 | Private, net | -5237.0 | 118.6 | -5207.2 | 478.9 | -72.2 | 208.9 | 92.5 | -26.9 | ||||
| 32 | Official, net | 25.9 | 186.5 | -14.7 | 188.7 | -13.3 | 14.4 | 44.9 | 18.1 | ||||
| /1 | Net U.S. sales = Net foreign purchases of U.S. securities (+). | ||||||||||||
| /2 | Includes international and regional organizations. | ||||||||||||
| /3 | The reported division of net U.S. sales of long-term securities between net sales to foreign official institutions and net sales | ||||||||||||
| to other foreign investors is subject to a "transaction bias" described in Frequently Asked Questions 7 and 10.a.4 on the TIC website. | |||||||||||||
| /4 | Net transactions in foreign securities by U.S. residents. Foreign purchases of foreign securities = U.S. sales of foreign securities to foreigners. | ||||||||||||
| Thus negative entries indicate net U.S. purchases of foreign securities, or an outflow of capital from the United States; positive entries | |||||||||||||
| indicate net U.S. sales of foreign securities. | |||||||||||||
| /5 | Minus estimated unrecorded principal repayments to foreigners on domestic corporate and agency asset-backed securities (zero after Jan. 2023) + | ||||||||||||
| estimated foreign acquisitions of U.S. equity through stock swaps - estimated U.S. acquisitions of foreign equity through stock swaps + | |||||||||||||
| increase in nonmarketable Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries. | |||||||||||||
| /6 | These are primarily data on monthly changes in banks' and broker/dealers' custody liabilities. Data on custody claims are collected | ||||||||||||
| quarterly and published in the TIC website. | |||||||||||||
| /7 | "Selected Other Liabilities" are primarily the foreign liabilities of U.S. customers that are managed by U.S. banks or broker/dealers. | ||||||||||||
| /8 | TIC data cover most components of international financial flows, but do not include data on direct investment flows, which are collected | ||||||||||||
| and published by the Department of Commerce's Bureau of Economic Analysis. In addition to the monthly data summarized here, the | |||||||||||||
| TIC collects quarterly data on some banking and nonbanking assets and liabilities. Frequently Asked Question 1 on the TIC website | |||||||||||||
| describes the scope of TIC data collection. | |||||||||||||
| 9/ | Series break at February 2023 for lines 1-21 and the dependent lines 30-32; see TIC press releases of March 15 and April 15, 2023. | ||||||||||||