{"id":48567,"date":"2024-06-25T15:20:13","date_gmt":"2024-06-25T15:20:13","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/06\/25\/inflation-data-cast-doubt-on-july-rate-cut\/"},"modified":"2024-06-25T15:20:13","modified_gmt":"2024-06-25T15:20:13","slug":"inflation-data-cast-doubt-on-july-rate-cut","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/06\/25\/inflation-data-cast-doubt-on-july-rate-cut\/","title":{"rendered":"Inflation data \u2018cast doubt\u2019 on July rate cut"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Economists say the numbers out today could sway the Bank of Canada to hold interest rates in July<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Jun 25, 2024<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"06f8ea32-2421-403a-8494-06addaee12ef\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Oilers fans react as the Edmonton Oilers lose to the Stanley Cup to the Florida Panthers Monday night. Canadians got another disappointing in inflation data Tuesday, say economists. <\/span> <span class=\"credit\">Photo by Greg Southam\/Postmedia<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">May\u2019s inflation rate came in surprisingly high, leading some economists to cast doubt on their predictions of a second interest rate cut next month.<\/p>\n<p data-async=\"\">Statistics Canada on Tuesday said inflation accelerated to 2.9 per cent for May, beating economists\u2019 expectations of further easing from April\u2019s 2.7 per cent increase.<\/p>\n<p data-async=\"\">The jump puts inflation on the upper edge of the Bank of Canada\u2019s target range of between one per cent and three per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section 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from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Given the surprise figures, economists are now rethinking their interest rate predictions for the year. Here\u2019s what some of them had to say about the announcement:<\/p>\n<h2>\u2018Not the best news\u2019: Canadian Chamber of Commerce<\/h2>\n<p>Andrew DiCapua, a senior economist at the Canadian Chamber of Commerce, said the Bank of Canada is now likely to pause at its July meeting.<\/p>\n<p>\u201cNot the best news on the Canadian front this morning,\u201d he said in a note. \u201cThe increase in services inflation is not helpful, especially as wage growth is elevated. The risk of a strong rebound in the housing market hasn\u2019t materialized yet, but slowing shelter inflation is welcome news.\u201d<\/p>\n<p>DiCapua said the odds of a July cut are lower, but the final decision will still depend on the central bank\u2019s economic forecasts.<\/p>\n<p data-async=\"\">\u201cThe (Bank of Canada) will want to take a slow and measured approach, especially with inflation accelerating,\u201d he said. \u201cThis bumpy road on inflation could keep the bank overly restrictive for the Canadian economy risking any soft landing.\u201d<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=90&strip=all&w=288&sig=7F4LzzCJWP4snOSV89G2SA\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=90&strip=all&w=288&sig=7F4LzzCJWP4snOSV89G2SA,\n                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=90&strip=all&w=576&sig=uzoe37WiBtOKAvTaKlge7w 2x\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/inflation-may-2024.jpg?quality=5&strip=all&w=100&sig=q3YFh6SlwSX0pYm6pxM_gQ&ssl=1\" alt=\"inflation\" height=\"791\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Financial Post<\/span><\/figcaption><\/figure>\n<h2>July cut on \u2018shaky ground\u2019: Capital Economics<\/h2>\n<p>The strong monthly gains on some core measures are \u201ccause for concern,\u201d according to Olivia Cross, a North America economist at Capital Economics Ltd.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot26\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories8533853518769890019614455318446080\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/16.4.3\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" 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If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Top Stories will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment2460014590990452409231204625154048\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cHowever, with some of that strength due to factors that are likely to be one-offs, and given there is another CPI report before the late July meeting, for now we are sticking with our view that the (Bank of Canada) will cut again next month,\u201d she said in a note.<\/p>\n<p>Cross pointed to several measures that are not likely to have further gains, including the 2.4 per cent hike in travel services, a 0.5 per cent jump in food prices and a 0.9 per cent month-over-month climb in rent.<\/p>\n<h2>\u2018Shaves the odds\u2019 of a July cut: BMO<\/h2>\n<p data-async=\"\">Douglas Porter, chief economist with the Bank of Montreal, said future data points will ultimately decide the prospects of a July cut, but the odds certainly got longer after the inflation spike.<\/p>\n<p>\u201cNo bones about it, this is not what the Bank of Canada wanted to see at this point,\u201d he said in a statement. \u201cWith inflation back on a bumpy path, the outlook for BoC moves is similarly bumpy. For now, our official call remains that the next BoC rate cut will be in September, and this report does nothing to move that needle.\u201d<\/p>\n<h2>\u2018Disappointment\u2019: TD<\/h2>\n<p data-async=\"\">\u201cWhile this wasn\u2019t as big of a letdown as the Oilers\u2019 game last night, today\u2019s CPI print was a disappointment,\u201d James Orlando, director and senior economist at Toronto-Dominion Bank, said in a note.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment9545869457586907326252098753921024\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cNot only did the headline print unexpectedly rise, the average of the BoC\u2019s core inflation rates increased for the first time in 2024. This was driven by big price swings in a number of services categories.\u201d<\/p>\n<p>Orlando is predicting a pause in July before another cut in September.<\/p>\n<section aria-labelledby=\"moreTopicLabel6951092603975768201627761912053760\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" heats=\"\" up=\"\" again=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" 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srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/06\/inflation-0625-ph.jpg?h=96&strip=all&quality=80&sig=fgdFJ2A7rX897GlSpy-Yjg, https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/06\/inflation-0625-ph.jpg?h=192&strip=all&quality=80&sig=Qoi210aKpKdZ3bMpCcIIyQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2024\/06\/inflation-0625-ph.jpg?h=288&strip=all&quality=80&sig=uJYeoCHhGNGKUUl0qIaMxg 3x\" alt=\"inflation\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Inflation heats up again<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" investors=\"\" should=\"\" do=\"\" if=\"\" higher=\"\" inflation=\"\" becomes=\"\" normal=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img 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fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0618investors.jpg?h=96&strip=all&quality=5&sig=aYkL_o9K-WtA-IrR9mmq3Q&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0618investors.jpg?h=96&strip=all&quality=80&sig=F_9Qa46klFg7AEv0-QrNxQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0618investors.jpg?h=192&strip=all&quality=80&sig=ErNc3P7JdXmRBesJ8eBMLQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0618investors.jpg?h=288&strip=all&quality=80&sig=AClDprrvuBYJBIMdZDn8ew 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Where investors should do if higher inflation becomes normal<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<h2>\u2018Wrong direction\u2019: CIBC<\/h2>\n<p>The most recent inflation data \u201cmoved in the wrong direction,\u201d Katherine Judge, director and senior economist at CIBC Capital Markets, said in a statement.<\/p>\n<p>\u201cOverall, with the data showing much faster price pressures than expected, this casts a lot of doubt on the possibility of a July cut.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: bcousins@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Inflation data \u2018cast doubt\u2019 on July rate cut<\/a><br \/>\n<br \/>2024-06-25 15:20:13<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Economists say the numbers out today could sway the Bank of Canada to hold interest rates in July Published Jun 25, 2024 \u00a0\u2022\u00a0 Last updated&#8230;<\/p>\n","protected":false},"author":2,"featured_media":48568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/edmonton-oilers-0625.jpg?quality=90&strip=all&w=288&h=216&sig=GaEsfu9GyvroyV43IxLkGQ","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-48567","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=48567"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/48568"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=48567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=48567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=48567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}