WASHINGTON: U.S. import prices unexpectedly rose in July, but the underlying trend continued to be weak, pointing to subdued imported inflation pressures.
The Fed lowered its short-term interest rate by 25 basis points last month for the first time since 2008 citing trade tensions and slowing global growth. Financial markets have fully priced in another quarter-point cut at the U.S. central bank's Sept. 17-18 policy meeting. U.S. Treasury prices rallied, with the yield on the U.S. 10-year Treasury note tipping 2.1 basis points below 2-year Treasury yields , the first time this spread has been negative since 2007, according to Refinitiv data.
The cost of imported capital goods decreased 0.1per cent last month after falling 0.2per cent in June. The price of imported motor vehicles and parts declined 0.3per cent last month. Prices for imported consumer goods excluding automobiles rose 0.2per cent after being flat in June.
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