# Why the Fed Is Watching Import Prices From China

Page: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/why-the-fed-is-watching-import-prices-from-china
Text version: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/why-the-fed-is-watching-import-prices-from-china.md
Podcast: [The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy](https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696)
Published: 2026-07-17T17:53:26+00:00
Episode link: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0120.mp3
Audio file: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0120.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/why-the-fed-is-watching-import-prices-from-china
Duration seconds: 667

## Resource

Episode 120 of The Federal Reserve Podcast with Fexingo. Lucas and Luna drill into a surprising data point from July 2026: import prices posted a surprise gain, with costs of goods from China hitting their highest since 2008. They explore why the Fed, which has been focused on domestic services inflation and wholesale deflation, now has to factor in a resurgent imported goods channel. How does this complicate the rate path when the Fed funds rate sits at 3.63 percent and core PCE is creeping up? And what does China's slowest quarterly growth since 2022 mean for global pricing pressure? Lucas walks through the mechanics of passthrough, the difference between tariff-driven and demand-driven price increases, and why the 10-year breakeven inflation rate at 2.22 percent might be giving false comfort. Luna pushes back on whether the Fed can actually respond to supply-side shocks. A tight, data-rich conversation for anyone trying to understand what the Fed is really watching this summer. #FedPodcast #ImportPrices #ChinaTrade #Inflation #MonetaryPolicy #FOMC #SupplyChain #Tariffs #CorePCE #BreakevenRate #FedFundsRate #WholesaleDeflation #ServicesInflation #GlobalTrade #Economics #FexingoBusiness #BusinessPodcast #InterestRates Keep every episode free: buymeacoffee.com/fexingo

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