Samples


We offer the following samples of our work. You can click on the links at right to view samples from a particular category.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through January 31, 2011 with data released on March 15, 2011. Only time will tell how much Japan’s economy is affected by the earthquake/tsunami/nuclear fallout.  While the country certainty has plenty of U.S. assets to sell if need be, do not look at movements in the yen for any indication of such activity.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through September 30, 2010 with data released on November 16, 2010. Now that QE2 has officially begun, the Federal Reserve could easily outpace China as the largest holder of U.S. debt in the very near future.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through May 31, 2010 with data released on July 16, 2010. Foreign net purchases of U.S. Treasury securities still outweigh purchases of all other U.S. assets.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through August 31, 2008 with data released on October 16, 2008. Last Month, we detailed the record net sales of agency securities by foreigners in July. The August data is not much better, with foreign net sales of agencies totaling $29.47 billion. In hindsight, these outflows fit the story of the GSE bailout perfectly.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through June 30, 2008 with data released on August 15, 2008. This month, we also take a look at the U.S. trade deficit in relation to foreign purchases of U.S. assets. For the first time since February 2001, the trade deficit exceeded foreign inflows of capital from the rest of the world on a 12-month basis.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through October 31, 2007 with data released on December 17, 2007. This month, we updated our look at foreign purchases of U.S. assets in light of the credit crunch.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through May 31, 2007 with data released on July 17, 2007. China has reduced its holdings of U.S. Treasuries two months in a row. This is far from creating a trend, but if it does in fact continue, it will be important to keep an eye on Chinese net purchases of the other U.S. assets (Corporates, Agencies and Equities) to determine if they are selling U.S. assets in general or simply shifting their money into higher-yielding assets.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through July 31, 2006 with data released on September 18, 2006. This month we highlight All Foreigners’ net purchases of U.S. Treasury Notes and Bonds, U.S. Agency Securities, U.S. Corporate Bonds, and U.S. Equities.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables and comments detailing foreign investment through March 31, 2006 with data released on May 15, 2006. This month we take a look at foreign official institution buying of U.S. Treasury Securities while focusing specifically on the Bank of Japan. Also, we highlight some minor revisions the Treasury made to their holdings data.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
We have argued for years there is no long-term relationship between capital flows and movements in the dollar. We can argue a rather different point now: The level and course of the dollar affects the diversity of foreign investors. The Bank of Japan served as the investor of last resort when the dollar was weak. Now that the dollar is firming, other investors have emerged and lowered the dependence of the U.S. on the kindness of a single stranger.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Record Treasury Inflows And Outflows In November
This month’s data illustrates that “foreigners” are not a monolith, they do not all act in concert. While this may seem an obvious statement, one would be hard-pressed to see such distinctions made clear in recent discourse about foreign interest in US Securities.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
In last month’s TIC Report, we took a look at foreign buying of U.S. Treasuries. We pointed out that Japan alone accounts for almost 60% of all foreign buying of these securities. While they were buying record amounts of U.S. Treasuries in March, we warned that the combination of a new fiscal year in Japan (starting April 1) and a stronger dollar might help facilitate a reduction in buying. Now that April’s numbers are out, we revisit this topic.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
In 2003, the press has widely touted the fact that foreigners’ net purchases of U.S. Treasury Notes and Bonds was at an all-time high. Less talked about is the fact that foreigners also set net purchasing records for U.S. Corporate Bonds in 2003.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
This month, we take a look at foreigners’ purchases of U.S. Agency Securities and U.S. Corporate Bonds in the month of October. Are foreigners really losing interest in U.S. securities?

Note: The charts and tables have been reformatted to show both monthly (short term) and rolling 12-month (long term) flows. We believe this new format provides more detail and insight into foreign capital movements in U.S. securities.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Who is the largest buyer of U.S. Equities through February (hint: it is no longer Europe)? Also, why is Canada a net seller of U.S. Agencies while most of the rest of the world is buying more than ever before?

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
If Fannie’s duration gap announcement is the start of an education program about what Fannie and Freddie are and are not, will it lead to foreigners reassessing their Agency debt holdings? Also, tables and comments detailing foreign investment through July 31, 2002 with data released on September 30, 2002.

Posted in Samples, Treasury Intl Capital Movements

Open U.S. Treasury’s International Capital Statistics Update
Tables updated through January 31, 2002 with data released March 28, 2002. Comments on U.S. Treasury Notes and Bonds, U.S Government Agency Securities, U. S. Corporate Bonds, U.S. Equities and charts highlighting percentage of foreign transactions in corporate bonds and equities.