The Fed's Expectations for Core Inflation

Core inflation is likely to keep decelerating into the year end, but it's going to stay far above levels that the Fed are comfortable with. We expect the Bank of Canada to keep rates on hold at 475 basis points on Wednesday. The risk is towards delayed rate cuts as growth seems to be holding up a bit better and inflation is remaining stubbornly strong. George Moran from the economics team talks about what we have in Europe next week.