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Highlights
Foreign accounts bought a moderate $22.3 billion of US long-term securities on net in March while US accounts sold, on net, $13.9 billion of foreign long-term securities. The result is a no better than moderate $36.2 billion inflow for the month, up from February's inflow of $10.1 billion but well down from January's $102.4 billion.
Foreign demand in the March data is centered for a third month in official buying of Treasuries. In contrast, private foreign accounts were big net sellers of Treasuries, but they were however solid net buyers of US equities which is good news for the stock market. Foreign accounts have been net buyers of US equities for three months in a row.
Other details show a monthly increase in Chinese holdings of US Treasuries which at $1.17 trillion is, however, still down from $1.26 trillion at year end. Treasury holdings by Japan, at $1.08 trillion, are steady.
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