While receiving little attention, Treasury International Capital (TIC) flows have plummeted in recent months, signifying a massive outflow of dollar-denominated assets. In fact, its last two releases set new records for the indicator. For July (released in September, as the indicator has a 2-month lag), TIC flows dropped 80% to just over 19 billion. This was its all-time largest drop until last month's release for August's data. Apparently, heightened credit market fears made things even worse as TIC flows fell to -69.3 billion. Not only was this the largest monthly decline, but it was also the largest outflow in a ... (full story)