US Treasury Market Daily: April TIC update

Research evidence excerpt

US Treasury Market Daily: April TIC update

Jay Barry AC (1-212) 834-4951 Harry Downie (1-212) 270-9500 Global Markets Strategy J P M O R G A N

john.f.barry@jpmorgan.com harry.j.downie@jpmorgan.com US Treasury Market Daily

J.P. Morgan Securities LLC 18 June 2026

Jason Hunter AC (1-212) 270-0034 Liam L Wash (1-212) 834-5230

jason.x.hunter@jpmorgan.com liam.wash@jpmchase.com

April TIC update

Treasury released the monthly TIC data for April this afternoon, showing that foreign

investors net bought $50.5bn long-term Treasuries, the most since November 2025.

Private investors added $30.8bn over the month, a step down from the firm pace in

March, but still above the average pace observed over the past year. Meanwhile, foreign

official accounts bought $16.1bn long-term Treasuries, their first month of net purchases

since January 2026 (Figure 1Foreigninvestorsnetpurchased$50.5bnlong-termTreasuriesinApril,themostsinceNovember2025.). More timely custody holdings show that foreign

ownership of Treasuries held at the Fed largely remained constant through the month of

April, though have continued their slide lower in the weeks since.

Geographically, demand in April was concentrated in major financial centers and

domiciles known for hedge fund activity, such as the UK, the Cayman Islands, and

Singapore (Figure 2.demandwasconcentratedacrosmajorfinancialcentersandJapan). We have previously commented that custodial bias clouds our

assessment of holdings, as the large share of transactions from these domiciles could

reflect other foreign accounts. Meanwhile, it is notable that both Japan and China

recorded net purchases for the first time since January, at $14.7bn and $5.5bn,

respectively. More granular MoF data reveal that banks had been large sellers of foreign