The latest print on US inflation is due at the bottom of the hour. So far, the inflation hit from tariffs has been modest and the market is sanguine but that could change in short order. Given that we've seen May CPI already, I don't think there are any big surprises coming today though. The consensus is 2.3% y/y on the headline and 2.6% y/y on core.
The other notable part of the release is on personal consumption and it could end up being the market mover. The consensus is +0.1% m/m but yesterday's GDP report (albeit for Q1) showed surprising weakness in consumption that hasn't (yet?) showed up in many official data points.
Along with the US report, we also get the Canadian GDP reading for April.
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