Despite China's exported deflation reaching a 12-year high...

(Click on image to enlarge)

US Import and Export prices surprisingly rose MoM (Imports +0.2% vs -0.1% exp and Exports +0.2% vs -0.1% exp), but, both import and export prices have deflated YoY for three straight months...

(Click on image to enlarge)

Good news for Powell - another well-selected item to use as ammo for rate cuts.

But where are the tariff-driven surges in prices?