After re-accelerating in October, US Import and Export price growth slowed dramatically in November to the lowest since Nov 2016 and July 2017 respectively... Import prices fell 1.6% MoM (well below expectations of a 1.0% decline) slamming the YoY growth to just +0.7%. Export prices also fell, down 0.9% MoM (well below the -0.3% expectation) pushing the YoY gains to just +1.8%. Under the hood: Import prices ex-petroleum fell 0.3% after rising 0.2% in Oct. Import prices ex-food and fuel rose 0.4% y/y in Nov. Import fuel prices fell 11%, most since Jan. 2016, after a 3.2% increase in Oct. Industrial supplies prices fell 5.3% after rising 1.4% in Oct. Auto prices unchanged after no change in Oct. Consumer goods prices unchanged after falling 0.3% in Oct. As China's import price index slumps, exporting the most deflation since 2007... Dear Jay Powell, still want to hike rates next week?