Again We Find US Monetary Policy Written In Chinese, Cast In Hong Kong, Tokyo, and London

by Jeffrey P. Snider
Alhambra Partners

The Treasury International Capital (TIC) update for April showed a very large net decline in foreign (registered) holdings of US securities. The total net drop was $68.7 billion, the largest in one month since the severe “dollar warning” in June 2013. Though we have become accustomed to these kinds of results, the biggest factor in April 2016 was on the private side rather than the official selling of central banks. Official holdings declined as usual, but “selling” on the private side was sudden.

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