China sold $9.2 billion of long-term Treasuries. But it also bought $38.2b of short-term Treasuries. China’s total Treasury holdings are up by $29.1b. By contrast it sold $3.1b of long-term Ag…

The Fed’s dramatic policy announcement has justifiably overshadowed the January trade data, which didn’t tell us much that we didn’t already know. Suffice to say that the rise in the overall defic…

For the US trade deficit to fall (setting the effect of falling oil prices aside), exports have to grow faster than imports -- or imports have to fall faster than exports. If exports fall faster tha…

US exports have been growing faster than non-oil imports for the last two years. The August trade data hints at a slowdown in exports. But at least on a y/y basis, the slowdown remains modest. …