Choose your settings

Choose your language
Economic Viewpoint

Strategic View: Influx or Exodus? Capital Flows in North America

October 2, 2025
Tiago Figueiredo
Macro Strategist
  • Although headlines suggest foreign demand for US Treasuries has remained relatively stable, a deeper look points to a structural decline in interest for the paper.
  • As foreign interest in US Treasuries wanes, Canada has emerged as a winner.
  • Underweighting US equities has been costly in recent years.
  • In a world of great change, global perceptions of Canada as a safe and stable destination for capital will help attract funds. 
NOTE TO READERS: The letters k, M and B are used in texts, graphs and tables to refer to thousands, millions and billions respectively. IMPORTANT: This document is based on public information and may under no circumstances be used or construed as a commitment by Desjardins Group. While the information provided has been determined on the basis of data obtained from sources that are deemed to be reliable, Desjardins Group in no way warrants that the information is accurate or complete. The document is provided solely for information purposes and does not constitute an offer or solicitation for purchase or sale. Desjardins Group takes no responsibility for the consequences of any decision whatsoever made on the basis of the data contained herein and does not hereby undertake to provide any advice, notably in the area of investment services. Data on prices and margins is provided for information purposes and may be modified at any time based on such factors as market conditions. The past performances and projections expressed herein are no guarantee of future performance. Unless otherwise indicated, the opinions and forecasts contained herein are those of the document’s authors and do not represent the opinions of any other person or the official position of Desjardins Group.