US Import, Export Prices Plummet In March As COVID Deflationary Drag Strikes

In what is perhaps not totally surprising, the deflationary winds of a global lockdown washed ashore in the US with a collapse in both US import and export prices (though both were modestly better than expected).

Import Prices fell 2.3% MoM (better than the -3.2% exp) and year-over-year plunged 4.1% (again better than 5.0% drop expected)
Export Prices fell 1.9% MoM (better than the -2.3% exp) and year-over-year tumbled 3.6%.