A slowdown, not

The surprise fall in the trade deficit (to $62 billion, as reported last week by the BEA); was taken quite harshly by the markets, and in
particular commodities where prices fell sharply –the
consensus explanation: lower oil imports meant a falling
US demand.

My curiosity was piqued by FTX reneging  Brad Setser’s lower oil imports to explain a wishful
declining demand and correcting US trade deficit…

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