Accessible Version
Measuring U.S. Cross-Border Securities Flows: Out With the Old, In with the New, Accessible Data
Figure 1: Estimated and Measured Long-term Net Cross-Border Securities Transactions
1. Treasuries: Official
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 47 | 49 |
| 2023-03 | 5 | 4 |
| 2023-04 | 35 | 32 |
| 2023-05 | 27 | 28 |
| 2023-06 | 26 | 31 |
| 2023-07 | -23 | -16 |
| 2023-08 | -5 | -7 |
| 2023-09 | 16 | 14 |
| 2023-10 | -20 | -20 |
| 2023-11 | -32 | -49 |
| 2023-12 | 24 | 27 |
| 2024-01 | -3 | 12 |
| 2024-02 | 17 | -4 |
| 2024-03 | 32 | 38 |
| 2024-04 | 40 | 41 |
| 2024-05 | -11 | -15 |
| 2024-06 | -7 | -2 |
| 2024-07 | -33 | -44 |
| 2024-08 | -30 | -37 |
| 2024-09 | -5 | -3 |
| 2024-10 | 15 | 21 |
| 2024-11 | -1 | 0 |
| 2024-12 | -42 | -39 |
| 2025-01 | -24 | -46 |
| 2025-02 | -20 | -22 |
| 2025-03 | 41 | 40 |
| 2025-04 | 6 | -14 |
| 2025-05 | 26 | 29 |
| 2025-06 | -9 | -9 |
| 2025-07 | 17 | 15 |
2. Treasuries: Private
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 4 | 0 |
| 2023-03 | 90 | 71 |
| 2023-04 | 80 | 34 |
| 2023-05 | 35 | 13 |
| 2023-06 | 52 | 68 |
| 2023-07 | 18 | 33 |
| 2023-08 | 9 | 21 |
| 2023-09 | -7 | -41 |
| 2023-10 | 40 | 70 |
| 2023-11 | 137 | 105 |
| 2023-12 | -9 | 21 |
| 2024-01 | 56 | 48 |
| 2024-02 | 75 | 100 |
| 2024-03 | 17 | 48 |
| 2024-04 | 46 | 31 |
| 2024-05 | 64 | 53 |
| 2024-06 | 7 | 43 |
| 2024-07 | 92 | 49 |
| 2024-08 | 50 | 83 |
| 2024-09 | 67 | 84 |
| 2024-10 | 74 | 51 |
| 2024-11 | -34 | -6 |
| 2024-12 | -5 | -15 |
| 2025-01 | 11 | -3 |
| 2025-02 | 126 | 136 |
| 2025-03 | 82 | 91 |
| 2025-04 | -47 | -44 |
| 2025-05 | 122 | 82 |
| 2025-06 | 4 | 20 |
| 2025-07 | 41 | 61 |
3. Treasuries: Total
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 51 | 49 |
| 2023-03 | 95 | 75 |
| 2023-04 | 116 | 66 |
| 2023-05 | 62 | 41 |
| 2023-06 | 78 | 99 |
| 2023-07 | -5 | 18 |
| 2023-08 | 3 | 13 |
| 2023-09 | 8 | -27 |
| 2023-10 | 20 | 50 |
| 2023-11 | 105 | 55 |
| 2023-12 | 14 | 48 |
| 2024-01 | 53 | 61 |
| 2024-02 | 92 | 95 |
| 2024-03 | 48 | 86 |
| 2024-04 | 85 | 72 |
| 2024-05 | 53 | 38 |
| 2024-06 | 0 | 41 |
| 2024-07 | 58 | 5 |
| 2024-08 | 20 | 46 |
| 2024-09 | 62 | 82 |
| 2024-10 | 89 | 71 |
| 2024-11 | -35 | -5 |
| 2024-12 | -47 | -54 |
| 2025-01 | -13 | -49 |
| 2025-02 | 106 | 115 |
| 2025-03 | 123 | 132 |
| 2025-04 | -41 | -57 |
| 2025-05 | 147 | 111 |
| 2025-06 | -5 | 11 |
| 2025-07 | 58 | 76 |
4. Agencies: Official
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 3 | 1 |
| 2023-03 | 14 | 12 |
| 2023-04 | 1 | 1 |
| 2023-05 | 6 | 3 |
| 2023-06 | 12 | 10 |
| 2023-07 | 2 | -1 |
| 2023-08 | 1 | -1 |
| 2023-09 | 0 | -1 |
| 2023-10 | 6 | 2 |
| 2023-11 | -5 | -6 |
| 2023-12 | -1 | -2 |
| 2024-01 | 0 | -2 |
| 2024-02 | -5 | -9 |
| 2024-03 | -7 | -10 |
| 2024-04 | -6 | -9 |
| 2024-05 | -4 | -7 |
| 2024-06 | -4 | -4 |
| 2024-07 | -5 | -8 |
| 2024-08 | -6 | -7 |
| 2024-09 | -3 | -5 |
| 2024-10 | -1 | -5 |
| 2024-11 | -1 | -3 |
| 2024-12 | -2 | -5 |
| 2025-01 | -5 | -7 |
| 2025-02 | -8 | -9 |
| 2025-03 | -7 | -9 |
| 2025-04 | -6 | -9 |
| 2025-05 | -8 | -10 |
| 2025-06 | -3 | -4 |
| 2025-07 | -5 | -6 |
5. Agencies: Private
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 13 | 15 |
| 2023-03 | 14 | 22 |
| 2023-04 | 19 | 14 |
| 2023-05 | 6 | 6 |
| 2023-06 | 17 | 0 |
| 2023-07 | 13 | 16 |
| 2023-08 | 17 | 24 |
| 2023-09 | 25 | 37 |
| 2023-10 | 5 | 7 |
| 2023-11 | 25 | 15 |
| 2023-12 | 11 | -10 |
| 2024-01 | 12 | 11 |
| 2024-02 | 10 | 21 |
| 2024-03 | 17 | -8 |
| 2024-04 | -2 | 7 |
| 2024-05 | -5 | -6 |
| 2024-06 | 12 | 62 |
| 2024-07 | 7 | -2 |
| 2024-08 | 16 | 2 |
| 2024-09 | 23 | 16 |
| 2024-10 | 22 | 21 |
| 2024-11 | -1 | -9 |
| 2024-12 | 16 | 22 |
| 2025-01 | 5 | 6 |
| 2025-02 | 7 | -1 |
| 2025-03 | -3 | 0 |
| 2025-04 | -4 | -13 |
| 2025-05 | 32 | 25 |
| 2025-06 | 2 | -4 |
| 2025-07 | 14 | 18 |
6. Agencies: Total
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 16 | 16 |
| 2023-03 | 28 | 34 |
| 2023-04 | 20 | 15 |
| 2023-05 | 12 | 9 |
| 2023-06 | 30 | 9 |
| 2023-07 | 14 | 15 |
| 2023-08 | 18 | 23 |
| 2023-09 | 25 | 36 |
| 2023-10 | 11 | 9 |
| 2023-11 | 21 | 9 |
| 2023-12 | 10 | -12 |
| 2024-01 | 12 | 9 |
| 2024-02 | 5 | 12 |
| 2024-03 | 10 | -18 |
| 2024-04 | -9 | -3 |
| 2024-05 | -9 | -12 |
| 2024-06 | 8 | 58 |
| 2024-07 | 2 | -11 |
| 2024-08 | 11 | -5 |
| 2024-09 | 20 | 11 |
| 2024-10 | 21 | 17 |
| 2024-11 | -2 | -13 |
| 2024-12 | 14 | 17 |
| 2025-01 | 0 | -1 |
| 2025-02 | -1 | -10 |
| 2025-03 | -11 | -9 |
| 2025-04 | -10 | -21 |
| 2025-05 | 24 | 15 |
| 2025-06 | -1 | -8 |
| 2025-07 | 10 | 12 |
7. U.S. Corporate Bonds
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 39 | 49 |
| 2023-03 | 37 | 10 |
| 2023-04 | 9 | 15 |
| 2023-05 | 44 | 74 |
| 2023-06 | 28 | 10 |
| 2023-07 | 14 | 23 |
| 2023-08 | 53 | 60 |
| 2023-09 | 16 | 19 |
| 2023-10 | 3 | 29 |
| 2023-11 | 34 | 4 |
| 2023-12 | 14 | 97 |
| 2024-01 | 17 | 31 |
| 2024-02 | 45 | 84 |
| 2024-03 | 43 | 43 |
| 2024-04 | 18 | 15 |
| 2024-05 | 42 | 23 |
| 2024-06 | -14 | -21 |
| 2024-07 | 35 | 23 |
| 2024-08 | 16 | 20 |
| 2024-09 | 39 | 44 |
| 2024-10 | 42 | 69 |
| 2024-11 | -9 | -17 |
| 2024-12 | 29 | 33 |
| 2025-01 | 23 | 21 |
| 2025-02 | 15 | -15 |
| 2025-03 | 60 | 37 |
| 2025-04 | 19 | 29 |
| 2025-05 | 39 | 45 |
| 2025-06 | 35 | 18 |
| 2025-07 | 27 | 45 |
8. U.S. Equities
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 30 | 70 |
| 2023-03 | 27 | -96 |
| 2023-04 | -41 | -84 |
| 2023-05 | -34 | -1 |
| 2023-06 | 123 | -61 |
| 2023-07 | 27 | -27 |
| 2023-08 | -1 | 75 |
| 2023-09 | -27 | 93 |
| 2023-10 | -81 | -32 |
| 2023-11 | -2 | -218 |
| 2023-12 | -4 | 146 |
| 2024-01 | -121 | -78 |
| 2024-02 | -23 | -43 |
| 2024-03 | 44 | 36 |
| 2024-04 | -22 | 113 |
| 2024-05 | -7 | -145 |
| 2024-06 | 68 | 4 |
| 2024-07 | 23 | -15 |
| 2024-08 | 57 | 2 |
| 2024-09 | 125 | 109 |
| 2024-10 | -33 | 83 |
| 2024-11 | 140 | -14 |
| 2024-12 | 63 | 151 |
| 2025-01 | -12 | -49 |
| 2025-02 | 24 | 9 |
| 2025-03 | 12 | 222 |
| 2025-04 | -15 | 16 |
| 2025-05 | 116 | -36 |
| 2025-06 | 163 | 65 |
| 2025-07 | -16 | -72 |
9. Foreign Govt. Bonds
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 2 | 11 |
| 2023-03 | 6 | -2 |
| 2023-04 | 4 | 7 |
| 2023-05 | 7 | -1 |
| 2023-06 | 1 | 5 |
| 2023-07 | 4 | 5 |
| 2023-08 | 2 | 0 |
| 2023-09 | -10 | -8 |
| 2023-10 | 1 | 0 |
| 2023-11 | 5 | -4 |
| 2023-12 | -5 | -31 |
| 2024-01 | 5 | 2 |
| 2024-02 | 13 | 11 |
| 2024-03 | 10 | 4 |
| 2024-04 | 6 | 3 |
| 2024-05 | 13 | 17 |
| 2024-06 | 6 | -3 |
| 2024-07 | 4 | 7 |
| 2024-08 | -3 | -10 |
| 2024-09 | 0 | 0 |
| 2024-10 | 7 | 4 |
| 2024-11 | 11 | 25 |
| 2024-12 | 3 | -16 |
| 2025-01 | 23 | 29 |
| 2025-02 | 13 | 7 |
| 2025-03 | 4 | 3 |
| 2025-04 | 4 | 10 |
| 2025-05 | -5 | -8 |
| 2025-06 | 12 | 12 |
| 2025-07 | 7 | 5 |
10. Foreign Corp. Bonds
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | 19 | 31 |
| 2023-03 | 1 | -22 |
| 2023-04 | -14 | -13 |
| 2023-05 | 24 | 23 |
| 2023-06 | 12 | 8 |
| 2023-07 | 1 | 12 |
| 2023-08 | -2 | -1 |
| 2023-09 | 11 | 19 |
| 2023-10 | 8 | 4 |
| 2023-11 | 5 | -31 |
| 2023-12 | 14 | -102 |
| 2024-01 | 20 | 5 |
| 2024-02 | 28 | 40 |
| 2024-03 | 25 | 0 |
| 2024-04 | 25 | 28 |
| 2024-05 | 27 | 6 |
| 2024-06 | 19 | 8 |
| 2024-07 | -1 | -29 |
| 2024-08 | -5 | -26 |
| 2024-09 | 20 | -2 |
| 2024-10 | -11 | -2 |
| 2024-11 | 14 | -3 |
| 2024-12 | 21 | 34 |
| 2025-01 | 15 | 6 |
| 2025-02 | 8 | 0 |
| 2025-03 | 13 | 16 |
| 2025-04 | -16 | -51 |
| 2025-05 | 13 | 17 |
| 2025-06 | 17 | 3 |
| 2025-07 | 1 | 17 |
11. Foreign Equities
Billions of dollars
| Date | SLT transactions | Estimated transactions |
|---|---|---|
| 2023-02 | -15 | -16 |
| 2023-03 | -39 | -64 |
| 2023-04 | -1 | -95 |
| 2023-05 | 5 | 113 |
| 2023-06 | 36 | -21 |
| 2023-07 | 33 | 10 |
| 2023-08 | -3 | 105 |
| 2023-09 | -1 | 93 |
| 2023-10 | -28 | 13 |
| 2023-11 | 13 | -91 |
| 2023-12 | -14 | -236 |
| 2024-01 | -5 | -57 |
| 2024-02 | 26 | 71 |
| 2024-03 | 19 | 25 |
| 2024-04 | -2 | -9 |
| 2024-05 | 41 | -16 |
| 2024-06 | 15 | 42 |
| 2024-07 | 12 | -41 |
| 2024-08 | 15 | -74 |
| 2024-09 | 16 | 16 |
| 2024-10 | 3 | 206 |
| 2024-11 | 20 | 93 |
| 2024-12 | -13 | -44 |
| 2025-01 | 3 | 0 |
| 2025-02 | 17 | -146 |
| 2025-03 | 5 | 56 |
| 2025-04 | -30 | -151 |
| 2025-05 | 51 | 15 |
| 2025-06 | 12 | 13 |
| 2025-07 | 22 | 105 |
Figure 2: Estimated and Measured Valuation Change for Long-term Net Cross-Border Securities Transactions
1. Treasuries
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -108 | -124 |
| 2023-03 | 123 | 142 |
| 2023-04 | 19 | 17 |
| 2023-05 | -68 | -70 |
| 2023-06 | -46 | -56 |
| 2023-07 | -18 | -21 |
| 2023-08 | -28 | -27 |
| 2023-09 | -143 | -109 |
| 2023-10 | -51 | -57 |
| 2023-11 | 161 | 155 |
| 2023-12 | 139 | 157 |
| 2024-01 | 5 | -19 |
| 2024-02 | -62 | -84 |
| 2024-03 | 40 | 21 |
| 2024-04 | -112 | -132 |
| 2024-05 | 51 | 66 |
| 2024-06 | 81 | 43 |
| 2024-07 | 93 | 112 |
| 2024-08 | 75 | 65 |
| 2024-09 | 54 | 60 |
| 2024-10 | -114 | -151 |
| 2024-11 | 44 | 26 |
| 2024-12 | -96 | -88 |
| 2025-01 | 6 | 16 |
| 2025-02 | 111 | 102 |
| 2025-03 | -2 | 3 |
| 2025-04 | 22 | 33 |
| 2025-05 | -80 | -77 |
| 2025-06 | 54 | 58 |
| 2025-07 | -52 | -42 |
2. Agencies
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -31 | -35 |
| 2023-03 | 14 | 19 |
| 2023-04 | 0 | 2 |
| 2023-05 | -14 | -13 |
| 2023-06 | -10 | -10 |
| 2023-07 | -8 | -5 |
| 2023-08 | -15 | -14 |
| 2023-09 | -34 | -44 |
| 2023-10 | -28 | -30 |
| 2023-11 | 44 | 58 |
| 2023-12 | 33 | 50 |
| 2024-01 | -9 | -10 |
| 2024-02 | -18 | -26 |
| 2024-03 | 3 | 9 |
| 2024-04 | -34 | -44 |
| 2024-05 | 11 | 20 |
| 2024-06 | 9 | 10 |
| 2024-07 | 20 | 29 |
| 2024-08 | 8 | 16 |
| 2024-09 | 4 | 11 |
| 2024-10 | -38 | -43 |
| 2024-11 | 4 | 13 |
| 2024-12 | -25 | -27 |
| 2025-01 | 3 | 2 |
| 2025-02 | 20 | 29 |
| 2025-03 | -3 | -5 |
| 2025-04 | -8 | -1 |
| 2025-05 | -27 | -17 |
| 2025-06 | 20 | 18 |
| 2025-07 | -20 | -11 |
3. U.S. Corporate Bonds
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -112 | -126 |
| 2023-03 | 65 | 90 |
| 2023-04 | 26 | 26 |
| 2023-05 | -54 | -82 |
| 2023-06 | 12 | 21 |
| 2023-07 | 20 | 10 |
| 2023-08 | -38 | -46 |
| 2023-09 | -98 | -117 |
| 2023-10 | -50 | -76 |
| 2023-11 | 165 | 205 |
| 2023-12 | 134 | 148 |
| 2024-01 | -12 | -31 |
| 2024-02 | -33 | -68 |
| 2024-03 | 38 | 33 |
| 2024-04 | -105 | -114 |
| 2024-05 | 50 | 65 |
| 2024-06 | 15 | 0 |
| 2024-07 | 71 | 84 |
| 2024-08 | 76 | 63 |
| 2024-09 | 63 | 62 |
| 2024-10 | -99 | -129 |
| 2024-11 | 8 | 17 |
| 2024-12 | -86 | -101 |
| 2025-01 | 5 | 11 |
| 2025-02 | 40 | 62 |
| 2025-03 | -17 | -2 |
| 2025-04 | 20 | 20 |
| 2025-05 | -3 | -9 |
| 2025-06 | 77 | 88 |
| 2025-07 | -18 | -39 |
4. U.S. Equities
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -235 | -325 |
| 2023-03 | 306 | 422 |
| 2023-04 | 111 | 150 |
| 2023-05 | 71 | 60 |
| 2023-06 | 610 | 843 |
| 2023-07 | 377 | 458 |
| 2023-08 | -197 | -262 |
| 2023-09 | -517 | -667 |
| 2023-10 | -264 | -319 |
| 2023-11 | 930 | 1197 |
| 2023-12 | 682 | 639 |
| 2024-01 | 252 | 217 |
| 2024-02 | 703 | 775 |
| 2024-03 | 456 | 479 |
| 2024-04 | -604 | -678 |
| 2024-05 | 593 | 720 |
| 2024-06 | 316 | 558 |
| 2024-07 | 119 | 195 |
| 2024-08 | 304 | 383 |
| 2024-09 | 314 | 351 |
| 2024-10 | -51 | -144 |
| 2024-11 | 903 | 1078 |
| 2024-12 | -393 | -497 |
| 2025-01 | 503 | 544 |
| 2025-02 | -338 | -319 |
| 2025-03 | -895 | -1107 |
| 2025-04 | -32 | -105 |
| 2025-05 | 967 | 1109 |
| 2025-06 | 803 | 936 |
| 2025-07 | 361 | 435 |
5. Foreign Bonds
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -65 | -89 |
| 2023-03 | 16 | 60 |
| 2023-04 | 19 | 10 |
| 2023-05 | -39 | -47 |
| 2023-06 | -12 | 9 |
| 2023-07 | 34 | 18 |
| 2023-08 | -39 | -37 |
| 2023-09 | -67 | -81 |
| 2023-10 | -55 | -48 |
| 2023-11 | 94 | 140 |
| 2023-12 | 89 | 113 |
| 2024-01 | -34 | -28 |
| 2024-02 | -12 | -36 |
| 2024-03 | 7 | 24 |
| 2024-04 | -59 | -73 |
| 2024-05 | 19 | 40 |
| 2024-06 | 2 | 0 |
| 2024-07 | 19 | 57 |
| 2024-08 | 31 | 50 |
| 2024-09 | 22 | 45 |
| 2024-10 | -80 | -91 |
| 2024-11 | 2 | 16 |
| 2024-12 | -58 | -67 |
| 2025-01 | 3 | 11 |
| 2025-02 | 23 | 41 |
| 2025-03 | -16 | -3 |
| 2025-04 | -15 | 25 |
| 2025-05 | 1 | -3 |
| 2025-06 | 28 | 53 |
| 2025-07 | -30 | -22 |
6. Foreign Equities
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -264 | -281 |
| 2023-03 | 115 | 203 |
| 2023-04 | 83 | 196 |
| 2023-05 | -267 | -395 |
| 2023-06 | 383 | 459 |
| 2023-07 | 334 | 388 |
| 2023-08 | -364 | -483 |
| 2023-09 | -355 | -432 |
| 2023-10 | -355 | -409 |
| 2023-11 | 701 | 838 |
| 2023-12 | 414 | 552 |
| 2024-01 | -94 | -21 |
| 2024-02 | 300 | 262 |
| 2024-03 | 292 | 304 |
| 2024-04 | -246 | -223 |
| 2024-05 | 282 | 348 |
| 2024-06 | -67 | -101 |
| 2024-07 | 232 | 302 |
| 2024-08 | 257 | 317 |
| 2024-09 | 216 | 216 |
| 2024-10 | -423 | -597 |
| 2024-11 | 42 | -48 |
| 2024-12 | -304 | -246 |
| 2025-01 | 427 | 456 |
| 2025-02 | 64 | 240 |
| 2025-03 | -151 | -190 |
| 2025-04 | 236 | 356 |
| 2025-05 | 515 | 607 |
| 2025-06 | 396 | 411 |
| 2025-07 | -39 | -77 |
7. Foreign Government Bonds
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -22 | -21 |
| 2023-03 | 3 | 13 |
| 2023-04 | 4 | 1 |
| 2023-05 | -11 | -10 |
| 2023-06 | 7 | 4 |
| 2023-07 | 8 | 7 |
| 2023-08 | -15 | -12 |
| 2023-09 | -27 | -21 |
| 2023-10 | -13 | -9 |
| 2023-11 | 23 | 33 |
| 2023-12 | 26 | 28 |
| 2024-01 | -12 | -10 |
| 2024-02 | -1 | -4 |
| 2024-03 | 9 | 6 |
| 2024-04 | -18 | -16 |
| 2024-05 | 6 | 8 |
| 2024-06 | -6 | -1 |
| 2024-07 | 19 | 13 |
| 2024-08 | 14 | 14 |
| 2024-09 | 11 | 12 |
| 2024-10 | -26 | -22 |
| 2024-11 | 4 | 3 |
| 2024-12 | -27 | -17 |
| 2025-01 | 1 | 6 |
| 2025-02 | 2 | 9 |
| 2025-03 | -9 | 0 |
| 2025-04 | 10 | 9 |
| 2025-05 | 0 | 1 |
| 2025-06 | 9 | 15 |
| 2025-07 | -13 | -5 |
8. Foreign Corporate Bonds
Billions of dollars
| Date | SLT valuation change | Estimated valuation change |
|---|---|---|
| 2023-02 | -43 | -67 |
| 2023-03 | 14 | 47 |
| 2023-04 | 16 | 9 |
| 2023-05 | -28 | -38 |
| 2023-06 | -18 | 5 |
| 2023-07 | 26 | 10 |
| 2023-08 | -24 | -25 |
| 2023-09 | -39 | -60 |
| 2023-10 | -42 | -39 |
| 2023-11 | 71 | 107 |
| 2023-12 | 63 | 85 |
| 2024-01 | -22 | -18 |
| 2024-02 | -10 | -31 |
| 2024-03 | -2 | 18 |
| 2024-04 | -41 | -57 |
| 2024-05 | 13 | 32 |
| 2024-06 | 9 | 2 |
| 2024-07 | -1 | 43 |
| 2024-08 | 17 | 36 |
| 2024-09 | 11 | 33 |
| 2024-10 | -54 | -69 |
| 2024-11 | -2 | 13 |
| 2024-12 | -31 | -50 |
| 2025-01 | 2 | 5 |
| 2025-02 | 22 | 32 |
| 2025-03 | -7 | -3 |
| 2025-04 | -24 | 16 |
| 2025-05 | 1 | -4 |
| 2025-06 | 19 | 38 |
| 2025-07 | -17 | -17 |
Figure 3: Differences between Estimated and Measured Valuation Change and Net Transactions For Long-term Cross-Border Securities
1. Treasuries
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -16 | -2 |
| 2023-03 | 19 | -20 |
| 2023-04 | -3 | -50 |
| 2023-05 | -2 | -22 |
| 2023-06 | -10 | 20 |
| 2023-07 | -3 | 23 |
| 2023-08 | 1 | 10 |
| 2023-09 | 34 | -36 |
| 2023-10 | -6 | 31 |
| 2023-11 | -6 | -50 |
| 2023-12 | 18 | 34 |
| 2024-01 | -24 | 8 |
| 2024-02 | -22 | 3 |
| 2024-03 | -19 | 38 |
| 2024-04 | -19 | -13 |
| 2024-05 | 14 | -15 |
| 2024-06 | -38 | 41 |
| 2024-07 | 20 | -53 |
| 2024-08 | -10 | 26 |
| 2024-09 | 7 | 20 |
| 2024-10 | -37 | -18 |
| 2024-11 | -17 | 30 |
| 2024-12 | 8 | -8 |
| 2025-01 | 10 | -36 |
| 2025-02 | -9 | 8 |
| 2025-03 | 6 | 8 |
| 2025-04 | 11 | -17 |
| 2025-05 | 2 | -36 |
| 2025-06 | 4 | 17 |
| 2025-07 | 10 | 18 |
2. Agencies
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -4 | 1 |
| 2023-03 | 5 | 6 |
| 2023-04 | 2 | -6 |
| 2023-05 | 0 | -2 |
| 2023-06 | 0 | -20 |
| 2023-07 | 3 | 1 |
| 2023-08 | 0 | 6 |
| 2023-09 | -10 | 11 |
| 2023-10 | -2 | -1 |
| 2023-11 | 14 | -12 |
| 2023-12 | 17 | -22 |
| 2024-01 | -1 | -3 |
| 2024-02 | -7 | 7 |
| 2024-03 | 6 | -28 |
| 2024-04 | -9 | 6 |
| 2024-05 | 8 | -3 |
| 2024-06 | 1 | 50 |
| 2024-07 | 9 | -12 |
| 2024-08 | 9 | -16 |
| 2024-09 | 7 | -9 |
| 2024-10 | -5 | -5 |
| 2024-11 | 9 | -11 |
| 2024-12 | -3 | 3 |
| 2025-01 | -2 | -2 |
| 2025-02 | 9 | -10 |
| 2025-03 | -3 | 1 |
| 2025-04 | 7 | -11 |
| 2025-05 | 10 | -9 |
| 2025-06 | -2 | -7 |
| 2025-07 | 9 | 3 |
3. U.S. Corporate Bonds
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -15 | 10 |
| 2023-03 | 25 | -28 |
| 2023-04 | 0 | 6 |
| 2023-05 | -29 | 30 |
| 2023-06 | 9 | -18 |
| 2023-07 | -10 | 9 |
| 2023-08 | -8 | 7 |
| 2023-09 | -19 | 3 |
| 2023-10 | -27 | 26 |
| 2023-11 | 39 | -30 |
| 2023-12 | 15 | 83 |
| 2024-01 | -19 | 14 |
| 2024-02 | -35 | 40 |
| 2024-03 | -5 | 0 |
| 2024-04 | -9 | -2 |
| 2024-05 | 15 | -19 |
| 2024-06 | -15 | -7 |
| 2024-07 | 13 | -12 |
| 2024-08 | -13 | 4 |
| 2024-09 | -2 | 5 |
| 2024-10 | -30 | 28 |
| 2024-11 | 10 | -8 |
| 2024-12 | -15 | 4 |
| 2025-01 | 6 | -2 |
| 2025-02 | 22 | -30 |
| 2025-03 | 15 | -23 |
| 2025-04 | -1 | 10 |
| 2025-05 | -6 | 7 |
| 2025-06 | 11 | -17 |
| 2025-07 | -21 | 17 |
4. U.S. Equities
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -89 | 40 |
| 2023-03 | 116 | -123 |
| 2023-04 | 39 | -43 |
| 2023-05 | -11 | 33 |
| 2023-06 | 233 | -183 |
| 2023-07 | 81 | -53 |
| 2023-08 | -66 | 76 |
| 2023-09 | -150 | 120 |
| 2023-10 | -55 | 49 |
| 2023-11 | 267 | -216 |
| 2023-12 | -43 | 149 |
| 2024-01 | -35 | 43 |
| 2024-02 | 72 | -20 |
| 2024-03 | 23 | -9 |
| 2024-04 | -75 | 135 |
| 2024-05 | 128 | -138 |
| 2024-06 | 242 | -64 |
| 2024-07 | 77 | -38 |
| 2024-08 | 79 | -55 |
| 2024-09 | 36 | -16 |
| 2024-10 | -93 | 116 |
| 2024-11 | 176 | -154 |
| 2024-12 | -104 | 88 |
| 2025-01 | 41 | -37 |
| 2025-02 | 20 | -15 |
| 2025-03 | -212 | 211 |
| 2025-04 | -73 | 31 |
| 2025-05 | 142 | -152 |
| 2025-06 | 133 | -99 |
| 2025-07 | 74 | -56 |
5. Foreign Bonds
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -24 | 22 |
| 2023-03 | 44 | -31 |
| 2023-04 | -9 | 3 |
| 2023-05 | -8 | -9 |
| 2023-06 | 21 | 0 |
| 2023-07 | -16 | 11 |
| 2023-08 | 2 | -2 |
| 2023-09 | -14 | 9 |
| 2023-10 | 6 | -6 |
| 2023-11 | 46 | -45 |
| 2023-12 | 23 | -142 |
| 2024-01 | 6 | -18 |
| 2024-02 | -24 | 11 |
| 2024-03 | 18 | -32 |
| 2024-04 | -14 | 0 |
| 2024-05 | 21 | -17 |
| 2024-06 | -2 | -21 |
| 2024-07 | 38 | -26 |
| 2024-08 | 19 | -28 |
| 2024-09 | 23 | -22 |
| 2024-10 | -11 | 7 |
| 2024-11 | 14 | -3 |
| 2024-12 | -9 | -6 |
| 2025-01 | 8 | -3 |
| 2025-02 | 18 | -15 |
| 2025-03 | 13 | 3 |
| 2025-04 | 39 | -28 |
| 2025-05 | -5 | 0 |
| 2025-06 | 26 | -15 |
| 2025-07 | 9 | 14 |
6. Foreign Equities
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -17 | -2 |
| 2023-03 | 88 | -25 |
| 2023-04 | 112 | -94 |
| 2023-05 | -127 | 108 |
| 2023-06 | 76 | -57 |
| 2023-07 | 54 | -23 |
| 2023-08 | -119 | 107 |
| 2023-09 | -77 | 94 |
| 2023-10 | -54 | 41 |
| 2023-11 | 136 | -104 |
| 2023-12 | 137 | -222 |
| 2024-01 | 73 | -52 |
| 2024-02 | -39 | 44 |
| 2024-03 | 12 | 5 |
| 2024-04 | 23 | -7 |
| 2024-05 | 66 | -57 |
| 2024-06 | -35 | 27 |
| 2024-07 | 70 | -53 |
| 2024-08 | 59 | -89 |
| 2024-09 | 0 | 0 |
| 2024-10 | -174 | 203 |
| 2024-11 | -90 | 73 |
| 2024-12 | 59 | -31 |
| 2025-01 | 29 | -3 |
| 2025-02 | 176 | -163 |
| 2025-03 | -38 | 51 |
| 2025-04 | 120 | -121 |
| 2025-05 | 93 | -35 |
| 2025-06 | 15 | 2 |
| 2025-07 | -38 | 83 |
7. Foreign Government Bonds
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | 0 | 9 |
| 2023-03 | 10 | -7 |
| 2023-04 | -3 | 2 |
| 2023-05 | 2 | -8 |
| 2023-06 | -2 | 4 |
| 2023-07 | -1 | 1 |
| 2023-08 | 3 | -3 |
| 2023-09 | 7 | 1 |
| 2023-10 | 3 | -2 |
| 2023-11 | 10 | -9 |
| 2023-12 | 1 | -26 |
| 2024-01 | 2 | -3 |
| 2024-02 | -3 | -2 |
| 2024-03 | -3 | -6 |
| 2024-04 | 2 | -3 |
| 2024-05 | 2 | 4 |
| 2024-06 | 5 | -10 |
| 2024-07 | -6 | 3 |
| 2024-08 | 0 | -7 |
| 2024-09 | 1 | -1 |
| 2024-10 | 3 | -3 |
| 2024-11 | -1 | 14 |
| 2024-12 | 10 | -19 |
| 2025-01 | 5 | 6 |
| 2025-02 | 7 | -7 |
| 2025-03 | 9 | -1 |
| 2025-04 | -1 | 7 |
| 2025-05 | 1 | -3 |
| 2025-06 | 6 | 0 |
| 2025-07 | 8 | -2 |
8. Foreign Corporate Bonds
Billions of dollars
| Date | Est. - meas. valuation change | Est. - meas. net transactions |
|---|---|---|
| 2023-02 | -24 | 12 |
| 2023-03 | 33 | -23 |
| 2023-04 | -6 | 1 |
| 2023-05 | -10 | -2 |
| 2023-06 | 23 | -4 |
| 2023-07 | -16 | 11 |
| 2023-08 | -2 | 1 |
| 2023-09 | -21 | 8 |
| 2023-10 | 3 | -4 |
| 2023-11 | 36 | -36 |
| 2023-12 | 22 | -116 |
| 2024-01 | 4 | -15 |
| 2024-02 | -21 | 12 |
| 2024-03 | 20 | -26 |
| 2024-04 | -16 | 2 |
| 2024-05 | 19 | -21 |
| 2024-06 | -7 | -12 |
| 2024-07 | 44 | -29 |
| 2024-08 | 19 | -21 |
| 2024-09 | 22 | -22 |
| 2024-10 | -15 | 10 |
| 2024-11 | 15 | -17 |
| 2024-12 | -19 | 13 |
| 2025-01 | 3 | -9 |
| 2025-02 | 11 | -8 |
| 2025-03 | 4 | 3 |
| 2025-04 | 40 | -34 |
| 2025-05 | -5 | 4 |
| 2025-06 | 20 | -15 |
| 2025-07 | 1 | 16 |
Last Update:
October 15, 2025