TINAC & TICS Update

June's Treasury International Capital System (TICS) was released on Monday. The TICS data tend to confirm our TINAC thesis, i.e., there is no alternative country: the US is a safe haven for global investors confronted with a very stormy global investment climate. Consider the following:

(1)  On a 12-month basis through June, the US had private net capital inflows of $1.5 trillion (chart below).  It's been rising at this record pace since the end of last year. That certainly helps to explain why the US dollar index (DXY) is up 14.3% y/y.