Discussion Paper
Introducing New Valuation Change Data for U.S. Cross-Border Portfolio Holdings
McCallum, Andrew H.; DeMane, Laura; Kim, Nyssa; Liu, Emily; Loucky, Andrew (2024-04-18)
The most comprehensive data on cross-border capital holdings for the United States come from the Treasury International Capital (TIC) System. These data inform the official U.S. balance of payments statistics and are crucial for understanding U.S. capital flows, their causes, and their effects on the U.S. economy.
FEDS Notes , Paper 2024-04-18

Discussion Paper
The CSLT: Unifying U.S. Cross-Border Securities Holdings and Transactions Data
McCallum, Andrew H.; DeMane, Laura; Grover, Tanya; Kim, Nyssa; Haw, Henry; Garcia, Angela; Hinshaw, Hudson; Loucky, Andrew; Gillette, Josie (2026-05-21)
CORRECT ORDER OF AUTHORS: McCallum, DeMane, Garcia, Gillette, Grover, Haw, Hinshaw, Kim, Loucky. The Treasury International Capital (TIC) system offers comprehensive data on U.S. cross-border securities holdings and transactions, facilitating a detailed understanding of U.S. capital flows. For users new to TIC data, a key fact shapes how to use these statistics: holdings data have been collected for a longer historical period and are measured with greater precision than transactions data.
FEDS Notes , Paper 2026-05-21