By Marc Chandler There is a full slate of U.S. economic reports on Wednesday. The first reports are import prices and retail sales. The former typically is not a market mover. However, given the heightened concern that the U.S. may be dangerously close to deflation, investors may be more sensitive to price data. Import prices likely fell for the second consecutive month -- something that has not happened since late 2008/early 2009. The consensus forecast of -0.3% would bring the year-over-year pace to 5.3% from 8.6% in May. This would be the lowest year-over-year reading since last November. There seems to be little correlation between the euro-dollar, dollar index or a trade-weighted dollar index and import prices, even when we play around with lag times. The bottom line here is that import prices do not appear to be offsetting softness in domestic prices. June retail sales are expected to have contracted by around 0.3%, after falling 1.2% in May. This would be the first back-to-back decline since Feb-March 09. Most of the decline will likely be attributed to weakness in auto sales and a decline in gasoline prices. Excluding these two items, retail sales may have edged higher. May saw the first decline since July, 2009. With high unemployment, heightened job insecurity and serious financial uncertainty on many different levels, it is hardly surprising that the U.S. consumer has withdrawn from the shop until you drop behavior. Business inventories will be released at 10 a.m.EST. Many economists believe that the inventory cycle, in terms of contribution to GDP, may have peaked already. The May business inventories will likely lend credence to such ideas. The consensus forecast calls for a 0.3% increase. This follows a 0.4% increase in April. The average monthly increase in the first quarter was 0.5%. Of course, there is a price component here that is next to impossible to forecast, but in general while inventory accumulation continues it appears to be happening at a more subdued pace. The last report of the day is not data per se, but the minutes from the recent FOMC meeting. This also does not tend to be a market mover. However, this time it is likely to have added significance.