Import prices dropped 0.4% in July—not huge, but the prior month got revised down from +0.3% to -0.3%. That's a meaningful shift in the story.

Export prices fell even harder: -1.3% vs -0.7% the month before.

What this tells me: global demand is soft, pricing power is fading, and the inflation narrative everyone was so certain about six months ago is getting complicated. Deflationary whispers are creeping back in.

Markets hate uncertainty more than bad news. This is uncertainty.