US Treasury International Capital Data for March - Too early to say!

Short US$ is a core position in the Wealth Preservation Portfolio.  Investment  flows in and out of the US$ need to be monitored.  The TICS data for the month of March do not provide any indication of substantial outflows  happening.  But that could only be expected after April 2, LIberation Day announcements and then with a delay. 

What the TICS data for March do show is:

1)  Private inflows rose from US$ 149bn in February to US$ 254bn in March

2) Official net inflows were flat on the month..

3) China's holdings of US Treasuries ended March at US$ 765.4bn down from US$ 784.3bn in February. China's total holdings of US Treasuries are now in third pace behind Japan US$ 1,130.8bn and the UK US$ 779.3bn. An analysis  I did last week indicates that China only sold about US$ 126 bn of US Treasuries in the last two years.  Hardly a frontal political attack on the US!!!!  But there are plenty of Chinese holding of US Treasuries that do not appear here (e.g. commercial bank holding & holding held through Luxembourg etc). So it could still happen.