In this environment, the pass-through of dollar movements into non-fuel US import prices is one of the lowest in the world, in both the short term (one quarter out) and the longer term (two years out), for three key reasons. First, international trade contracts are renegotiated infrequently, which means that dollar prices are “sticky” for an extended period – around ten months – despite fluctuations in the exchange rate.
在这样的情况下，美元波动对非燃料美国进口品的价格渗透作用为全球最低之一，不管是短期（一季度）还是较长时期（两年）都是如此，主要原因有三。首先，国际贸易合同不会频发重订，这意味着美元价格会在相当长的时间——大约十个月——内保持“粘性”，尽管汇率会发生波动。