Earlier today, the Federal Reserve released its latest quarterly flow-of-funds data ("latest" being through the June quarter). The portion of the Fed's quarterly flow-of-funds data always of great interest to clients is the one dealing with foreign involvement in the US financial markets.
To get some of these numbers out as quickly as possible, I'm publishing three tables that I've quickly put together, with no accompanying commentary. Additional data, plus appropriate commentary, will follow next week.
Table 1.
------------------------------------------
FOREIGNERS' U.S. FINANCIAL
ASSETS/LIABILITIES*
(Billions of Dollars, Latest Data
Released 09/16/04 Through 06/30/04)
------------------------------------------
Total Total
Financial Financial
Assets Liabilities Difference
------------------------------------------
2004
06/30 8803.3 4249.8 4553.5
03/31 8644.4 4159.6 4484.8
------------------------------------------
As of
12/31
-----
2003 8228.7 4064.5 4164.2
2002 7441.1 3981.8 3459.3
2001 6965.8 3650.1 3315.7
2000 6584.9 3490.2 3094.7
1999 5775.7 3148.1 2627.6
1998 5162.4 2776.4 2386.0
1997 4602.4 2562.3 2040.1
1996 4028.3 2318.9 1709.4
1995 3428.1 2014.2 1413.9
1994 2909.6 1745.7 1163.9
1990 1998.4 1388.8 609.6
----------------------------------------
1985 967.4 869.7 +97.7
1984 805.3 841.6 -36.3
----------------------------------------
1980 494.2 666.4 -172.2
1970 104.8 140.5 -35.7
1960 38.9 63.5 -24.6
1950 17.4 31.4 -14.0
-----------------------------------------
1945 16.3 14.9 1.4
-----------------------------------------
*Source: "Flow of Funds Accounts
of the United States" (Federal
Reserve "Z.1" release).
-----------------------------------------
Table 2.
-----------------------------------------------
FOREIGN HOLDINGS OF US FINANCIAL ASSETS
AS OF 06/30/04* (Billions of Dollars
-- Latest Data Released 09/16/04)
-----------------------------------------------
% of
Total
Total US Financial Assets -----
Held by Foreign Investors 8803.3 100.0
===============================================
Credit-Market Instruments# 4245.9 48.2
------ ----
Open Market Paper 115.5
US Govt. Securities 2524.4
Treasury 1805.1
Agency 719.3
US Corporate Bonds 1606.0
-----------------------------------------------
US Corporate Equities 1710.8 19.4
------ ----
Credit-Market Instr.
+ Corp. Equities 5957.3 67.6
====== ====
-----------------------------------------------
Detail of US Government Securities
-----------------------------------------------
Treasury 1805.1
Official 1130.9
Private 674.2
Agency 719.3
Official 199.1
Private 520.2
------
2524.4
======
-----------------------------------------------
*Source: "Flow of Funds Accounts of the United
States" (Federal Reserve "Z.1" release.) #For
the purpose of this analysis, the category
"Loans to US Corporate Business" has been ex-
cluded. As of 6/30/04, this category had tot-
al outstandings of $120.6 billion.
-----------------------------------------------
Table 3.
----------------------------------------
15 LARGEST FOREIGN HOLDERS
OF U.S. TREASURY DEBT AS OF
06/31/04 AND 3/31/04
(Amounts in Billions of $s)*
----------------------------------------
06/30 03/31
Country 2004 2004
----------------------------------------
( 1) Japan 689.3 646.3
( 2) Mainland China 164.8 157.3
( 3) United Kingdom 127.6 122.7
( 4) Caribbean Bank-
ing Centers@ 89.1 67.4
( 5) Korea 60.5 60.4
( 6) Taiwan 57.7 54.8
( 7) Hong Kong 52.4 50.7
( 8) Switzerland 49.6 48.6
( 9) Germany 47.7 45.7
(10) OPEC 43.6 43.0
(11) Mexico 38.6 28.9
(12) Canada 30.6 30.7
(13) Singapore 27.0 26.7
(14) Luxembourg 26.4 27.8
(15) Israel 17.9 16.4
----------------------------------------
Total 1522.8 1427.4
----------------------------------------
*Estimated end-of-period foreign
holdings of US Treasury marketable
and nonmarketable bills, bonds and
notes based on Treasury Foreign
Portfolio Investment Survey bench-
marks and on monthly data reported
under the Treasury International
Capital (TIC) reporting system.
Totals comprise both official and
private holdings. Data subject to
revision. @Includes Bahamas, Ber-
muda, Cayman Islands, Netherlands
Antilles, and Panama.
----------------------------------------
| 