The Federal Reserve Board published a FEDS Note comparing U.S. Treasury Treasury International Capital (TIC) data on foreign holdings of U.S. securities with the “mirror” of International Monetary Fund (IMF) Portfolio Investment Positions by Counterpart Economy (PIP, formerly CPIS) data and explains why the two sources do not align. In aggregate, TIC generally reports higher foreign holdings of U.S. long-term debt and equity than the PIP mirror series, and the note provides practical guidance on choosing between datasets depending on the research question. The analysis attributes the asymmetries primarily to differences in country coverage, sector definitions, and country attribution. PIP is voluntarily reported by around 90 economies and is collected semiannually (end-June and end-December), while TIC reporting is legally required and sourced from U.S.-based custodians, issuers, and investors; PIP also omits some jurisdictions such as Taiwan and the British Virgin Islands. Sector scope differs because PIP collects private holdings (with foreign exchange reserves collected separately in SEFER), whereas TIC’s “official” category extends beyond reserves to include government or government-operated entities such as sovereign wealth funds and government-owned or government-managed banks, which can shift amounts between “official” and “private” comparisons. Country-level discrepancies are also driven by “custodial bias,” where TIC attributes holdings to the residence of the U.S. reporter’s counterparty, inflating reported positions for custodial centers (such as Belgium, France, Luxembourg, and the United Kingdom) relative to PIP, and by differences in coverage for investment funds and the treatment of Treasuries linked to repo-market activity. The note indicates work to improve TIC coverage related to Treasuries is underway and flags that a note on a more complete long-term time series to be carried in the Federal Reserve Bank of St. Louis FRED system is forthcoming.
Federal Reserve Board 2026-02-13
Federal Reserve Board explains why U.S. Treasury TIC and IMF PIP cross-border securities positions diverge
The Federal Reserve Board released a FEDS Note analyzing discrepancies between U.S. Treasury International Capital (TIC) data and IMF Portfolio Investment Positions (PIP) data on foreign holdings of U.S. securities. Differences are attributed to variations in country coverage, sector definitions, and country attribution, with guidance on dataset selection based on research needs. Efforts to enhance TIC coverage of Treasuries are ongoing, with a comprehensive long-term time series to be added to the Federal Reserve Bank of St. Louis FRED system.