The U.S. Department of the Treasury has published Treasury International Capital (TIC) data for November 2025, providing insight into foreign investment in U.S. securities and related financial flows.
According to the release, November saw a net TIC inflow of $212.0 billion, which includes all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows. Of this total, net foreign private inflows were $167.2 billion, while net foreign official inflows amounted to $44.9 billion.
Foreign residents increased their holdings of long-term U.S. securities by $221.8 billion during the month. Private foreign investors accounted for $157.8 billion of these purchases, and foreign official institutions contributed $64.0 billion.
U.S. residents also raised their holdings of long-term foreign securities with net purchases totaling $1.6 billion in November.
After adjustments such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated at $220.2 billion for the month.
Foreign residents increased their holdings of U.S. Treasury bills by $0.4 billion in November; however, their holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased by $6.5 billion.
Banks’ own net dollar-denominated liabilities to foreign residents fell by $1.7 billion over the same period.
The Treasury notes that TIC data is primarily collected from custodial sources and may not fully capture the true ownership of U.S. securities when assets are held through third-country custodians or managed by portfolio managers on behalf of others abroad. This limitation means that precise conclusions about changes in foreign holdings by individual countries can be difficult to draw from TIC data alone.
Complete TIC data is available on the Treasury website.
The next TIC report covering December 2025 will be released on February 18, 2026.
