U.S. Treasury reports $184.5 billion February TIC inflow

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U.S. Treasury February TIC inflow

Highlights

Foreign residents' net purchases of long-term U.S. securities totaled $101.1 billion in February, driven by private investors' $147.3 billion buying and offset by $46.1 billion official institution sales.
Net foreign private inflows reached $166.5 billion versus $18.0 billion official inflows, pushing the monthly combined portfolio inflow to $184.5 billion, as private capital led Treasury, corporate bond, and equity demand.
Foreign holdings of U.S. Treasury bills increased by $91.6 billion in February, while total dollar-denominated short-term securities and custody liabilities rose by $87.4 billion, signaling sustained demand for U.S. assets.

February cross-border flows and securities activity

Foreign residents increase their holdings of long-term U.S. securities in February, with net purchases of $101.1 billion, according to the Treasury release. Private foreign investors post net purchases of $147.3 billion, while foreign official institutions record net sales of $46.1 billion. U.S. residents also increase their holdings of long-term foreign securities, with net purchases of $42.6 billion, producing estimated overall net foreign purchases of long-term securities of $58.6 billion after adjustments.The data also show foreign residents increase their holdings of U.S. Treasury bills by $91.6 billion in the month. Holdings of all dollar-denominated short-term U.S. securities and other custody liabilities rise by $87.4 billion. Banks' own net dollar-denominated liabilities to foreign residents increase by $38.6 billion.

Private demand leads inflows into U.S. assets

Treasury says net foreign private inflows total $166.5 billion in February, compared with $18.0 billion in net foreign official inflows. The combined monthly net dollar-denominated portfolio inflow reaches $184.5 billion, showing private capital remains the main source of incoming funds. Within long-term securities, the report points to continued foreign buying of Treasury bonds and notes, corporate bonds and equities on the private side.The February figures provide a measure of overseas appetite for U.S. markets, although Treasury notes the data rely mainly on custodial records and do not fully capture ultimate beneficial ownership. The department says securities held through third-country custodial accounts or managed by foreign portfolio managers for residents elsewhere may not be attributed with complete accuracy. It also cautions that some dollar holdings and other U.S. assets sit outside TIC coverage, limiting precise country-level conclusions.

Limits of TIC data for market interpretation

TIC data cover most portfolio and banking-related international financial flows, but they do not include direct investment flows, which are collected separately by the Bureau of Economic Analysis. Treasury says that distinction means the monthly report is useful as an indicator of cross-border portfolio positioning rather than a full picture of all international capital movements. The agency also highlights a series break from February 2023 for several lines in the tables, which matters when comparing longer historical trends.For investors and policy watchers, the latest release points to sustained foreign engagement with U.S. securities markets at the start of 2026. Strong Treasury bill buying and positive long-term inflows suggest ongoing demand for dollar assets across maturities. The next report, covering March 2026 data, is scheduled for May 18.

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