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If you are looking for a snapshot as to why there is so much to this “growth scare” and rising deflationary potential (record stocks, though), outside recent labor market data you’d be hard-pressed to do better than US trade statistics.
We can see already the discrepancy between US inflation and calculated consumer price changes throughout the rest of the world.
It’s not just in comparison to last year, but more so in terms of squandered time. The trade recession, so to speak, actually began way, way back in May 2018.