US Capital Flow Decreases in January

Net foreign acquisitions of long-term securities, short-term US securities, and banking flows resulted in a net TIC inflow of $150.7 billion in March 2026. Of the total, net private foreign inflows reached $162.1 billion, while foreign official institutions recorded net outflows of $11.4 billion. Foreign investors increased their holdings of long-term US securities, with net purchases totaling $96.5 billion. Private foreign investors bought a net $111.4 billion in long-term US securities, while foreign official institutions sold a net $14.9 billion. Meanwhile, US residents increased their holdings of long-term foreign securities through net purchases of $15.2 billion. After including adjustments such as estimated foreign acquisitions of US equities through stock swaps, net foreign purchases of long-term securities were estimated at $81.3 billion in March.

Net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows resulted in a net TIC inflow of $184.5 billion in February 2026. Of this total, $166.5 billion was attributable to private foreign investors, while foreign official institutions accounted for $18.0 billion. Foreign residents increased their holdings of long-term U.S. securities, with net purchases of $101.1 billion. This included $147.3 billion in purchases by private investors, partly offset by net sales of $46.1 billion by foreign official institutions. At the same time, U.S. investors expanded their holdings of long-term foreign securities, recording net purchases of $42.6 billion. In short-term instruments, foreign residents increased their holdings of U.S. Treasury bills by $91.6 billion. Additionally, their holdings of all dollar-denominated short-term U.S. securities and other custody liabilities rose by $87.4 billion.

Net foreign acquisitions of long-term securities, short-term United States securities, and banking flows was a net TIC outflow of $25.0 billion in January 2026. Of this, $76.1 billion came from private foreign investors, while $51.1 billion came from foreign official institutions. Foreign residents focused on long-term United States securities, recording net purchases of $63.5 billion in January, including $42.0 billion from private investors and $21.4 billion from official entities. Meanwhile, United States investors modestly increased their holdings of long-term foreign securities, with net purchases of $47.9 billion. Foreign residents decreased their holdings of United States Treasury bills by $10.2 billion. Foreign resident holdings of all dollar-denominated short-term United States securities and other custody liabilities increased by $17.8 billion.