---
source: U.S. Department of the Treasury
url: https://home.treasury.gov/news/press-releases/sb0418
document_type: html
date_retrieved: 2026-03-18
period: January 2026
parent_publication: Treasury International Capital (TIC) Report
indicators_covered: [Foreign Bond Investment, Net Foreign Acquisitions, Capital Flows]
---

# Treasury International Capital Data for January 2026

## Overview

The U.S. Department of the Treasury released Treasury International Capital (TIC) data for January 2026 on March 18, 2026.

**Key Finding:** 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 $25.0 billion**. Of this, net foreign private outflows were $76.1 billion, and net foreign official inflows were $51.1 billion.

The next release, which will report on data for February 2026, is scheduled for April 15, 2026.

## Foreign Acquisitions of Long-Term Securities

Foreign residents **increased their holdings of long-term U.S. securities in January**, with **net purchases of $63.5 billion**. This broke down as follows:

- **Net purchases by private foreign investors:** $42.0 billion
- **Net purchases by foreign official institutions:** $21.4 billion

U.S. residents increased their holdings of long-term foreign securities, with net purchases of $47.9 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 $15.5 billion in January**.

## Foreign Holdings of Short-Term Securities and Banking Flows

- **U.S. Treasury Bills:** Foreign residents decreased their holdings by $10.2 billion.
- **Dollar-Denominated Short-Term U.S. Securities:** Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $17.8 billion.
- **Banks' Dollar-Denominated Liabilities:** Banks' own net dollar-denominated liabilities to foreign residents decreased by $58.3 billion.

## TIC Monthly Reports on Cross-Border Financial Flows

**Data in Billions of Dollars (Not Seasonally Adjusted)**

### Long-Term Securities Transactions

| Item | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 | Jan 2026 |
|------|----------|----------|----------|----------|----------|
| Gross U.S. Sales of Domestic Securities | 70,193.6 | 69,320.1 | 71,400.4 | 91,676.5 | 92,485.0 |
| Gross U.S. Purchases of Domestic Securities | 69,008.8 | 87,708.7 | 70,174.9 | 90,003.5 | 91,479.6 |
| **Domestic Securities, net** | **1,184.9** | **1,611.4** | **1,225.5** | **1,673.0** | **1,463.5** |

#### Breakdown of Long-Term Securities

**Private Sector:**

| Item | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 | Jan 2026 |
|------|----------|----------|----------|----------|----------|
| Treasury Bonds & Notes, net | 516.6 | 458.3 | 480.6 | 438.1 | -33.1 |
| Government Agency Bonds, net | 127.2 | 112.9 | 120.7 | 122.7 | 20.4 |
| Corporate Bonds, net | 264.3 | 347.6 | 277.9 | 332.8 | 23.0 |
| Equities, net | 282.2 | 682.7 | 415.1 | 689.2 | 53.0 |

**Official Institutions:**

| Item | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 | Jan 2026 |
|------|----------|----------|----------|----------|----------|
| Treasury Bonds & Notes, net | -26.8 | -34.0 | -48.2 | 40.9 | -24.8 |
| Government Agency Bonds, net | -44.2 | -57.1 | -49.4 | -57.2 | 5.6 |
| Corporate Bonds, net | 40.2 | 39.2 | 33.2 | 42.1 | 1.7 |
| Equities, net | 25.3 | 61.7 | -4.4 | 64.4 | 7.3 |

### Short-Term Securities and Banking Flows

| Item | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 | Jan 2026 |
|--------|----------|----------|----------|----------|----------|
| U.S. Treasury Bills | 222.3 | 142.3 | 283.2 | 99.0 | -10.2 |
| Private, net | 165.3 | 60.7 | 160.0 | 64.8 | -29.4 |
| Official, net | 57.0 | 81.6 | 123.1 | 34.2 | 19.2 |
| Banks' Dollar-Denominated Liabilities | 243.0 | -69.5 | 190.4 | -58.6 | -58.3 |

### Summary Net Flows

| Metric | Oct 2024 | Nov 2024 | Dec 2024 | Jan 2025 | Jan 2026 |
|--------|----------|----------|----------|----------|----------|
| **Monthly Net Dollar-Denominated Portfolio Inflows** | 1,215.5 | 1,420.4 | 1,270.9 | 1,448.5 | -25.0 |
| Private, net | 1,084.3 | 1,388.6 | 1,131.0 | 1,393.7 | -76.1 |
| Official, net | 131.2 | 31.8 | 139.8 | 54.8 | 51.1 |

## 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.

### Data Limitations

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.

### Scope of TIC Collection

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.

### Data Series Note

Series break at February 2023 for long-term securities lines and dependent portfolio inflow lines; see TIC press releases of March 15 and April 15, 2023.

## Key Insights

**January 2026 marks a significant shift in foreign investment flows.** The overall net TIC outflow of $25.0 billion, coupled with a sharp reversal in private foreign outflows ($76.1 billion), reflects a deterioration in foreign investor appetite for U.S. securities despite strong official inflows ($51.1 billion).

**Notable developments:**

- Private foreign investors turned negative for the first time in recent months, driven by outflows of $29.4 billion in short-term Treasury bills.
- Official foreign institutions provided some cushion, with net inflows of $51.1 billion, but this was insufficient to offset private sector weakness.
- Declines in private Treasury Bonds & Notes holdings (-$33.1 billion) and the first monthly decrease in foreign Treasury bill holdings in years (-$10.2 billion) suggest weakening foreign demand for U.S. debt.
- The year-over-year comparison (Jan 2025 vs Jan 2026) shows a dramatic reversal: from a net inflow of $1,448.5 billion to a net outflow of $25.0 billion—a swing of over $1.4 trillion.