2Q2004 Flow of Funds -- Foreign Data - Sep. 27, 20

2Q2004 Flow of Funds -- Foreign Data - Sep. 27, 2004
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Auszug:

* As of 6/30/04, foreign investors held a total of $8.803 trillion of US financial assets, up about $159 billion from revised holdings of $8.644 trillion as of 3/31. From 6/30/03, the increase was approximately $994 billion. (See Table 1 at the end of this section.)

* As of 6/30, foreign liabilities totaled $4.250 trillion, resulting in a net foreign claim against the US of more than $4.553 trillion. (See Table 1.)

* The dollar's exchange-rate value put in a major bottom in the spring of 1995, commencing a steep rise into early 2002. Note in Table 1 how the expansion in the growth of foreign holdings of US financial assets paralleled the dollar's rise.

* As Table 1 indicates, the United States, for the first time since World War II years, became a net debtor during 1985.

* Table 2 segregates the classes of capital-market assets that are readily salable by foreigners, or where a significant slowing in the rate of accumulation could adversely influence domestic prices. As of 6/30, these totaled $5.957 trillion, or a very healthy 67.6% of total US financial assets held by foreigners. This illustrates the sizable exposure US markets would have to any substantial net reduction in these holdings.

* As of 6/30, foreign investors held the following respective percentages of total outstandings of Treasuries, agencies, US corporate bonds and US equities: 43.1%, 11.6%, 25.2% and 12.3%. Combined holdings of Treasuries and agencies were 24.3% of total outstandings.

By comparison, going back to 12/31/94, not long before the dollar put in the major bottom mentioned above, foreigners held the following respective percentages of total outstandings of Treasuries, agencies, US corporate bonds and US equities: 18.3%, 5.7%, 13.4% and 7.0%. At that time, the combined holdings of Treasuries and agencies were 13.4% of total outstandings.

* As of 6/30, the 15 largest foreign holders of US Treasury debt had total holdings of $1.523 trillion, an increase of more than $95 billion or 6.7% from 3/31. (See Table 3.)

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