What TIC data shows, and what it does not

TIC, short for Treasury International Capital, is the US Treasury's system for recording cross-border investment. Banks, brokers and custodians report each month on securities bought and sold between US residents and foreigners.

It is the most detailed public view of money moving into and out of US markets, split by type of security and by country. It comes out about seven weeks after each month ends, so it describes where money went rather than where it is going.

TIC records the country of the intermediary handling the trade, not always the end investor. A Gulf fund buying through London shows up as the United Kingdom. Read the country figures as "where trades are booked".

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