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CANADA JUNE CPI +2.7% YOY VS FORECAST +2.8%, PRIOR +2.9%

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MNI: US MAY BUSINESS INVENTORIES +0.5%; SALES +0.0%

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MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Powell Highlights Challenges to Sectors in Labor Market Recovery

FED

Q: Re parts of the economy that aren't recovering (airlines etc). How are you thinking in terms of overall impact? Are they large enough to keep unemp above your goal? Are you expecting those to come back or should they find new sectors to work in and rates zero until that reallocation is done?

A: Of course we don't know the answer but likely it will take time. Those sectors will be challenging. We have 11mn of 22mn in payroll reports back to work - that's half of them. Will be very meaningful from a macroeconomic standpoint.

We don't forget those people. Our fwd guidance means policy will remain" highly accommodative until the expansion is well along, really very close to our goals and even after, if we do lift off, we will keep policy accommodative until we actually have a moderate overshoot of inflation for some time."

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