US Capital Flow Surges in September

Net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net TIC inflow of $212.0 billion in November 2025. Of this, $167.2 billion came from private foreign investors, while $44.9 billion came from foreign official institutions. Foreign residents focused on long-term US securities, recording net purchases of $221.8 billion in November, including $157.8 billion from private investors and $64.0 billion from official entities. Meanwhile, US investors modestly increased their holdings of long-term foreign securities, with net purchases of $1.6 billion. Foreign residents increased their holdings of US Treasury bills by $0.4 billion. Foreign resident holdings of all dollar-denominated short-term US securities and other custody liabilities decreased by $6.5 billion.

Net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net outflow of $37.3 billion in October 2025. Foreign residents increased their holdings of long-term US securities by $38.9 billion, including $49 billion in net purchases by private investors and net sales of $10.1 billion by foreign official institutions. At the same time, US residents increased their holdings of long-term foreign securities, with net purchases of $21.4 billion.

Net foreign acquisitions of long-term securities, short-term US securities, and banking flows was a net inflow of $190.1 billion in September 2025. Foreign residents increased their holdings of long-term U.S. securities by $208.5 billion, including $210.7 billion in net purchases by private investors and net sales of $2.2 billion by foreign official institutions. At the same time, US residents raised their holdings of long-term foreign securities, recording net purchases of $28.7 billion.