Having rebounded, albeit modestly, in February and March, import and export prices were both expected to accelerate in April but instead both import and export price gains slowed.
Import Prices fell 0.2% YoY (+0.7% exp) and Export prices rose just 0.2% YoY (+0.6% exp)
Ex-Petroleum things are considerably more ugly, dropping 0.6% MoM and -1.0% YoY – the weakest since July 2016…
And China is exporting deflation at its strongest since October 2007…
So, for now, The Fed has some breathing room.
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