June's US inflation data reflects a month when the Middle East ceasefire was largely holding, conditions that reversed as oil prices jumped on the reinstated Hormuz blockade and gasoline costs began climbing again in July. The report landed hours before Fed Chair Kevin Warsh's first congressional testimony, where he stopped short of declaring the improvement durable. The Bank of Canada makes its own rate decision Wednesday against a very different backdrop, with markets expecting a hold even after this week's oil shock pushed Canadian yields higher.
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