Net foreign purchases of U.S. long-term securities, as measured by TIC Net Long-Term Transactions including swaps, fell sharply in December 2025, signaling a marked slowdown in external demand for U.S. assets. The indicator dropped to $28.00 billion in December, down from a revised $206.60 billion in November 2025.
The data, updated on 18 February 2026, highlight a significant month-on-month deceleration after November’s strong inflows. While the U.S. continued to attract net foreign investment in long-term securities, the magnitude of December’s net purchases suggests a more cautious stance among international investors heading into year-end. Market participants will be watching subsequent releases closely for signs of whether this pullback is temporary or the start of a more sustained moderation in foreign demand for U.S. long-term instruments.
