The U.S. Department of the Treasury has released the Treasury International Capital (TIC) data for February 2025, indicating an overall net TIC inflow of $284.7 billion. This includes net foreign private inflows of $229.3 billion and net foreign official inflows of $55.4 billion. The next set of data, relating to March 2025, is slated for release on May 16, 2025.
February saw foreign residents increasing their holdings of long-term U.S. securities, with net purchases of $142.7 billion. Private foreign investors accounted for net purchases of $166.1 billion, while foreign official institutions recorded net sales of $23.4 billion. U.S. residents, on the other hand, increased their holdings of long-term foreign securities, making net purchases amounting to $30.7 billion. After adjusting for estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, the overall net foreign purchases of long-term securities were approximately $112.0 billion in February.
The data also showed a $73.2 billion increase in foreign residents' holdings of U.S. Treasury bills, with a $79.9 billion rise in holdings of all dollar-denominated short-term U.S. securities and other custody liabilities. Additionally, banks noted an increase of $92.8 billion in their own net dollar-denominated liabilities to foreign residents.
Complete and detailed TIC data are accessible on the Treasury's website.
The monthly TIC data reveal holdings of long-term securities along with foreign holdings of major U.S. Treasury securities, primarily based on custodial data. While these data provide insights into foreign ownership of U.S. securities, they do not achieve complete attribution accuracy. Challenges include recognizing U.S. Treasury securities managed by foreign private portfolio managers on behalf of non-U.S. residents or those held in custodial accounts in third countries. Consequently, TIC data may not perfectly outline changes in foreign holdings of U.S. financial assets by individual countries.
