Fed’s Favorite Gauge Is Seen Showing Faster Inflation

Forecasters anticipate the US personal consumption expenditures price index to show accelerated inflation in May, reinforcing the Federal Reserve's inclination towards interest rate hikes. In Canada, inflation likely rose to 3% in May, primarily driven by gasoline prices, while the Bank of Canada is set to release deliberations from its recent rate-hold decision. Global economic highlights include inflation updates from Australia and Japan, and policy communication from the Bank of Japan.

• •US inflation gauge expected to show acceleration.
• •Canadian inflation likely rose to 3% in May.
• •Bank of Canada to release rate decision deliberations.