US March import price index +4.2% vs +4.0% y/y expected

• Prior import price index +4.6% y/y (revised to +4.8%)
• Export prices +3.6% y/y vs +3.1% exp
• Prior export prices +3.1% y/y (revised to +3.2%)
• Export prices +0.2% m/m vs 0.0% exp
• Import prices -0.2% m/m vs -0.2% exp

The ebb and flow of this is largely about currency and commodity prices. It takes a much bigger swing than this to get the Fed's attention. There is some pipeline pressure there but that's old news and the m/m decline is more important going forward.
In any case, no market reaction.