The US Department of the Treasury published its Treasury International Capital data for May 2026 on July 14, offering a fresh look at how foreign investors are positioning themselves relative to American assets. The TIC report tracks cross-border purchases of US securities, banking flows, and other financial instruments, essentially serving as a barometer for global confidence in the US economy.
Look at the trajectory heading into May. The March 2026 TIC report showed a net inflow of $150.7 billion into US assets. That’s a massive number, driven almost entirely by $162.1 billion in net foreign private inflows, partially offset by $11.4 billion in official outflows from foreign central banks and sovereign wealth funds.
Then April happened. Net inflows cratered to just $26.1 billion. That’s a decline of roughly 83% in a single month.
The composition of April’s flows was equally telling. Private foreign investors actually pulled $23.1 billion out of US assets on a net basis. The only reason the headline number stayed positive was $49.2 billion in net foreign official inflows, meaning government-linked entities abroad were buying while private money was heading for the exits.
The May data, freshly released, will reveal whether April’s private sector retreat was a one-month blip or the beginning of a trend. Given the magnitude of the swing from March to April, whatever May shows will carry outsized significance for markets trying to gauge foreign appetite for US debt and equities.
