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CPI Ahead, Kozicki On Inflation Asymmetry and Near Toronto Mayor

CANADA

CPI is clearly in focus today at 0830ET, with a short preview found here: https://marketnews.com/may-cpi-preview-jun-27-0830et

Two developments from before the open:
  • Dep Gov Kozicki speaking in Q&A after discussing a paper on “inflation and misallocation in New Keynesian models” at the ECB’s Sintra forum: Thinking about the drivers of inflation, “in the upside we had very strong demand simultaneously with cost shocks and supply disruptions. In some countries that means estimates of the Phillips curve have steepened. What if we don’t get all three of those reversed, what if we only get a fraction of them, then we’re less likely to get the symmetry on the downside as we saw on the upside.”
  • Left-wing candidate Olivia Chow has secured the mayoralty of Toronto. In response to ongoing budget shortfalls, Chow has proposed an increase in Toronto's property taxes, vacant home taxes, and land transfer tax on +CAD3mn homes. More here: https://marketnews.com/leftist-chow-secures-toronto-mayoralty-promises-tax-hikes
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