02:15 PM EDT, 06/21/2024 (MT Newswires) -- According to CIBC, the May CPI data on Tuesday will extend the recent "softer" trend in core measures that will keep the Bank of Canada "on track" for a July rate cut. CIBC forecasts a 0.2% rise in CPI month over month and 2.5% lift year over year, versus a consensus of 0.3% and 2.6% respectively. It also forecast a 2.6% rise in CPI Core-Median and 2.8% rise in CPI Core-Trim year over year, both the same as the respective consensus.

CIBC expects the April GDP data next Friday will confirm that the quarter got off to a "healthy start" as supply disruptions in the auto sector eased, but it also expects that one-off impact will fade over the rest of the quarter to reveal weak underlying demand amidst consumer caution as mortgages come up for renewal. For April, CIBC forecasts a rise of 0.3%, equal to consensus.

(The CIBC calendar also notes Bank of Canada Governor Tiff Macklem speaks Monday before the Winnipeg Chamber of Commerce at about 1:45pm ET. It also has PAYROLL EMPLOYMENT, EARNINGS & HRS data for April due out Thursday.)

Price: 64.97, Change: +0.09, Percent Change: +0.14