In June, the U.S. foreign trade deficit narrowed to $59.2B from a revised $59.2B in May. Consensus expectations had been for a deeper deficit of $62.0B.

Total exports jumped 1.5% after also surging 2.6% in May. The gain mostly reflected higher exports of industrial supplies. Exports of non-auto consumer goods fell 1.4% (+9.2% y/y) while capital goods exports rose just 0.2% (5.2% y/y). Exports of advanced technology goods rose a strong 8.5% (NSA, 9.0% y/y).

Exports of services from the U.S. were firm again and rose 0.6% (13.2% y/y) while imports of services rose the same 0.6% (4.7% y/y).

Imports of nonpetroleum products were strong again and increased 1.0% (4.6% y/y) but imports of petroleum products fell 0.2% (-1.1% y/y). Capital goods imports jumped again, in June by 1.6% (7.0% y/y) but imports of nonauto consumer goods fell 0.6% (+5.9% y/y). Imports of advanced technology products surged 8.3% (12.3% y/y).

The U.S. trade deficit in goods with China deteriorated to $21.2B from $20.0B in May as imports surged 6.8% (12.8% y/y. U.S. exports to China, however, were also strong and posted a 10.8% (35.7% y/y) jump.

Globalization and Capital Markets: Implications for Inflation and the Yield Curve is a speech delivered by Fed Governor Randall S. Kroszner and it can be found here.