US Flow of Funds: Treasury International Capital System (TICS) November 16, 216 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at blog. thinking outside the box
Table Of Contents Table Of Contents US Capital Inflows: Total 1 US Capital Inflows: T-Bills 2 Foreign Purchases of Treasury & Agency Bonds 3 Foreign Purchases of Treasury Bonds & Notes 4 Foreign Purchases of US Agency Bonds 5 US Capital Inflows: Long-Term Securities 6-7 US Capital Inflows: Equities 8 US Capital Inflows: Treasury Notes & Bonds 9 US Capital Inflows: Agency Bonds 1 US Capital Inflows: Corporate Bonds 11 US Capital Inflows: Japan 12 US Capital Inflows: China 13 US Capital Inflows: UK 14 US Capital Inflows: Europe ex UK 15 November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
25 2 15 1 5 Figure 1. NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars, annual rate) Total* US Capital Inflows: Total 25 2 15 1 5-5 -1-15 2 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Total Excluding US Treasury Bills** -5-1 -15 2 1 1-1 2 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 2 1 US Treasury Bills Purchased by Foreigners 1-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Treasury bills, notes & bonds, agency bonds, corporate bonds, and equities. ** Treasury notes & bonds, agency bonds, corporate bonds, and equities. -1 Page 1 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
2 15 Figure 2. US Capital Inflows: T-Bills NET PURCHASES OF US TREASURY BILLS BY FOREIGNERS (billion dollars) 2 15 1 5 Total 1 5-5 -5-1 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 1 5 Private Foreign 5-5 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-5 1 5 Official Foreign 5-5 -5-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 Page 2 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
19 17 15 13 11 9 7 5 3 1-1 -3-5 -7 15 Figure 3. Foreign Purchases of Treasury & Agency Bonds FOREIGN PURCHASES OF US TREASURY & AGENCY BONDS (billion dollars, annualized) Total Foreign: Treasury & Agency Bonds 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 19 17 15 13 11 9 7 5 3 1-1 -3-5 -7 15 1 Private Foreign: Treasury & Agency Bonds 1 5 5-5 -5-1 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 1 5 Official Foreign: Treasury & Agency Bonds 5-5 -5-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 3-month average -1 Page 3 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
19 17 15 13 11 9 7 5 3 1-1 -3-5 -7-9 -11 15 Figure 4. Foreign Purchases of Treasury Bonds & Notes FOREIGN PURCHASES OF US TREASURY BONDS & NOTES (billion dollars, annualized) Total Foreign: Treasury Bonds & Notes 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 19 17 15 13 11 9 7 5 3 1-1 -3-5 -7-9 -11 15 1 5 Private Foreign: Treasury Bonds & Notes 1 5-5 -5-1 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-1 1 5 Official Foreign: Treasury Bonds & Notes 5-5 -5-1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 3-month average -1 Page 4 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
9 7 Figure 5. Foreign Purchases of US Agency Bonds FOREIGN PURCHASES OF US AGENCY BONDS (billion dollars, annualized) 9 7 5 3 1 5 3 1-1 -3-5 -7-9 5 Total Foreign: US Agency Bonds 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Private Foreign: US Agency Bonds -1-3 -5-7 -9 5-5 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-5 Official Foreign: US Agency Bonds -5 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 3-month average -5 Page 5 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
28 24 2 16 12 8 4-4 -8-12 Figure 6. US Capital Inflows: Long-Term Securities NET BONDS PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars, annual rate) US Treasury Notes & Bonds, Government Agency, and Corporate Bonds 29 21 211 212 213 214 215 216 217 28 24 2 16 12 8 4-4 -8-12 5 3 5 3 1 1-1 -3 US Government Agency Bonds -1-3 -5 29 21 211 212 213 214 215 216 217-5 5 4 3 2 1-1 -2-3 -4 29 21 211 212 213 214 215 216 217 3-month average US Corporate Bonds 5 4 3 2 1-1 -2-3 -4 Page 6 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
24 18 12 6 Figure 7. US Capital Inflows: Long-Term Securities NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) Grand Total* 12-month sum 3-month sum annual rate 24 18 12 6-6 8 6 4 2-2 -4 1 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Asia 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-6 8 6 4 2-2 -4 1 5 Europe 5-5 -5-1 55 45 35 25 15 5-5 -15-25 -35 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Rest of World 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Includes Treasury bonds and notes, government agency bonds, US corporate bonds, US corporate stocks, foreign bonds, and foreign stocks. -1 55 45 35 25 15 5-5 -15-25 -35 Page 7 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
55 45 35 25 15 5 Figure 8. US Capital Inflows: Equities NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Corporate Stocks: Total 12-month sum 3-month sum annual rate 55 45 35 25 15 5-5 -15-25 21 17 13 9 5 1-3 -7 26 22 18 14 1 6 2-2 -6-1 -14-18 2 15 1 5-5 -1-15 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Asia 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Europe 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Rest of World 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217-5 -15-25 21 17 13 9 5 1-3 -7 26 22 18 14 1 6 2-2 -6-1 -14-18 2 15 1 5-5 -1-15 Page 8 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
12 1 8 6 4 2-2 -4-6 5 4 3 2 1-1 -2-3 -4-5 -6-7 55 45 35 25 15 5-5 -15-25 -35-45 35 25 15 5-5 -15-25 -35-45 Figure 9. NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Treasury Notes & Bonds: Total 12-month sum 3-month sum annual rate 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Asia 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Capital Inflows: Treasury Notes & Bonds Rest of World Europe 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 12 1 8 6 4 2-2 -4-6 5 4 3 2 1-1 -2-3 -4-5 -6-7 55 45 35 25 15 5-5 -15-25 -35-45 35 25 15 5-5 -15-25 -35-45 Page 9 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
11 9 7 5 3 1-1 -3-5 3 25 2 15 1 5-5 -1-15 -2 3 25 2 15 1 5-5 -1-15 -2 2 15 1 5-5 -1-15 -2-25 Figure 1. NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Government Agency Bonds: Total 12-month sum 3-month sum annual rate 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Asia 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Europe 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Rest of World US Capital Inflows: Agency Bonds 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 11 9 7 5 3 1-1 -3-5 3 25 2 15 1 5-5 -1-15 -2 3 25 2 15 1 5-5 -1-15 -2 2 15 1 5-5 -1-15 -2-25 Page 1 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
85 75 65 55 45 35 25 15 5-5 -15-25 Figure 11. US Capital Inflows: Corporate Bonds NET SECURITIES PURCHASED BY FOREIGNERS FROM US RESIDENTS (billion dollars) US Corporate Bonds: Total 12-month sum 3-month sum annual rate 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 85 75 65 55 45 35 25 15 5-5 -15-25 21 19 17 15 13 11 9 7 5 3 1-1 -3-5 5 4 3 2 1-1 -2 175 15 125 1 75 5 25-25 -5-75 Asia 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Europe 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 Rest of World 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 21 19 17 15 13 11 9 7 5 3 1-1 -3-5 5 4 3 2 1-1 -2 175 15 125 1 75 5 25-25 -5-75 Page 11 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
9 7 5 3 1-1 -3 6 4 2-2 -4-6 -8 4 3 2 1-1 -2 Figure 12. US Capital Inflows: Japan JAPAN: NET SECURITIES PURCHASES BY FOREIGNERS FROM US RESIDENTS (billion dollars) Grand Total* 12-month sum 3-month sum annual rate 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Corporate Stocks 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Treasury Bonds & Notes 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 9 7 5 3 1-1 -3 6 4 2-2 -4-6 -8 4 3 2 1-1 -2 15 1 US Government Agency Bonds 15 1 5 5-5 -5-1 1 5 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Corporate Bonds -1 1 5-5 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Includes Treasury bonds and notes, government agency bonds, US corporate bonds, US corporate stocks, foreign bonds, and foreign stocks. -5 Page 12 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
6 5 4 3 2 1-1 -2-3 2 Figure 13. US Capital Inflows: China NET SECURITIES PURCHASES BY FOREIGNERS FROM US RESIDENTS: CHINA (billion dollars) Grand Total* 12-month sum 3-month sum annual rate 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 6 5 4 3 2 1-1 -2-3 2 1-1 US Corporate Stocks 1-1 -2 3 2 1-1 -2-3 2 1-1 -2 1 8 6 4 2-2 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Treasury Bonds & Notes 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Government Agency Bonds 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 US Corporate Bonds 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 215 216 217 * Includes Treasury bonds and notes, government agency bonds, U.S. corporate bonds, U.S. corporate stocks, foreign bonds, and foreign stocks. -2 3 2 1-1 -2-3 2 1-1 -2 1 8 6 4 2-2 Page 13 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
155 135 115 95 75 55 35 15-5 -25-45 -65 2 Figure 14. US Capital Inflows: UK NET SECURITIES PURCHASES BY FOREIGNERS FROM US RESIDENTS: UNITED KINGDOM (billion dollars) Grand Total* 12-month sum 3-month sum annual rate 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 155 135 115 95 75 55 35 15-5 -25-45 -65 2 1 US Corporate Stocks 1-1 6 4 2-2 -4 3 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 US Treasury Bonds & Notes 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-1 6 4 2-2 -4 3 2 1-1 US Government Agency Bonds 2 1-1 -2 4 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17-2 4 3 2 1 US Corporate Bonds 3 2 1-1 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 * Includes Treasury bonds and notes, government agency bonds, US corporate bonds, U.S. corporate stocks, foreign bonds, and foreign stocks. -1 Page 14 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
65 45 25 5-15 -35 3 2 1-1 3 2 1-1 -2 1 5-5 -1-15 2 1-1 -2 Figure 15. NET SECURITIES PURCHASES BY FOREIGNERS FROM US RESIDENTS: EUROPE EX UNITED KINGDOM (billion dollars) Grand Total* 12-month sum 3-month sum annual rate 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 US Corporate Stocks US Capital Inflows: Europe ex UK 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 US Treasury Bonds & Notes 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 US Government Agency Bonds 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 US Corporate Bonds 95 96 97 98 99 1 2 3 4 5 6 7 8 9 1 11 12 13 14 15 16 17 * Includes Treasury bonds and notes, government agency bonds, US corporate bonds, US corporate stocks, foreign bonds, and foreign stocks. 65 45 25 5-15 -35 3 2 1-1 3 2 1-1 -2 1 5-5 -1-15 2 1-1 -2 Page 15 / November 16, 216 / US Flow of Funds: Treasury International Capital System (TICS)
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