US DATA REACT: BNY-Mellon analyst Michael Woolfolk says Jan TICS
showing net portfolio investment in L-T securities at $19.1B was
negative for US$ and the funding of the trade gap. He points out
“1) foreign investors appear to be increasing their net selling of USD
deposits and short-dated securities; 2) foreign demand for long-dated US
Treasuries remains strong in contrast to lack of demand for US agency
and corporate bonds; 3) foreign investment into US equities decline
markedly; and, 4) US investment in foreign securities continues to
recover.”