TIC Reports, Asset Allocation
Column: In this article, we examine the relationship between foreign investors' buying preferences, U.S. bond issuance, and U.S. Treasury yields. After the Fed pauses interest rate hikes, overseas investors' willingness to buy tends to pick up significantly. However, since the Fed's last interest rate hike in July 2023, overseas investors' willingness to buy has not rebounded significantly as usual, but has continued to decline. This is one of the important reasons why Treasury yields remain high. Overseas investors also have a significant impact on the primary market, and their auction demand will have an impact on the short-term trend of U.S. Treasury yields. In addition, when yields are high (low), when demand is abnormally higher (below) the average is more intensive, it may mean that yields are peaking (bottoming).
This month's announcement is the status of U.S. asset holdings and transactions for February 2024.
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