TIC data showed a net capital inflow of $212.0 billion in November 2025, driven by very strong foreign buying of long-term U.S. securities.

• Total net TIC flows (long-term + short-term U.S. securities + banking flows) were +$212.0 billion in November, consisting of +$167.2 billion in net private inflows and +$44.9 billion in net official inflows.
• Foreign residents’ net purchases of long-term U.S. securities totaled +$221.8 billion, indicating substantial cross-border demand for longer-duration U.S. assets.
• Private foreign investors accounted for +$157.8 billion of long-term purchases, while foreign official institutions bought +$64.0 billion, showing both investor groups were net buyers.
• U.S. residents purchased +$1.6 billion of long-term foreign securities, implying a small outbound portfolio flow that only marginally offset inbound foreign demand.
• After adjustments (including estimated foreign acquisitions of U.S. stocks via stock swaps), overall net foreign purchases of long-term securities were estimated at +$220.2 billion.
• Foreign holdings of U.S. Treasury bills rose +$0.4 billion, indicating only a modest increase in official or private demand at the very short end.
• Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities fell -$6.5 billion, suggesting net reductions in short-term positions despite strong long-term inflows.
• Banks’ own net dollar-denominated liabilities to foreign residents declined -$1.7 billion, adding a small negative banking flow relative to the large long-term securities inflow.