How do the TIC data on Major Foreign Holders of U.S. Treasury Securities compare with FRBNY custody holdings?
TIC users often attempt to reconcile holdings of Treasury securities by foreign official institutions as reported in the memo lines of the TIC table “Major Foreign Holders of U.S. Treasury Securities” (www.treas.gov/tic/mfh.txt) with the memo lines of the Federal Reserve Statistical Release H.4.1 “Factors Affecting Reserve Balances” (www.federalreserve.gov/releases/h41/), which lists Treasury securities held in custody by the Federal Reserve System, primarily for foreign official institutions at the Federal Reserve Bank of New York (FRBNY). This note outlines the comparability of these two series and explains why both positions and monthly changes in the two series may differ. Users are also advised to read the companion note “Methodology for Estimating Holdings of Treasury Securities in the table Major Foreign Holders of U.S. Treasury Securities (www.treas.gov/tic/method-mfh.html) to understand how the TIC positions in that table are constructed.
Related Questions
- How do the TIC data on foreign official transactions in U.S. agency securities compare with changes in FRBNY custody holdings?
- What securities are included in "corporate and other" bonds in the survey reports and in the monthly TIC transactions data?
- How do the TIC data on Major Foreign Holders of U.S. Treasury Securities compare with FRBNY custody holdings?
