U.S. Redbook commercial retail sales YoY for week to June 6 9.1% (previous 9.0%).

Israeli Prime Minister Netanyahu said Israel is stronger than ever.

RSM chief economist Joe Brusuelas said the BOC should be cautious adjusting forward guidance on the rate path. While the BOC targets 2% inflation, energy-driven CPI could top 3%. GDP contracted for two consecutive quarters and declined in three of the past four. Brusuelas said the BOC will seek a balance at Wednesday’s decision and Governor Macklem’s press conference—despite weak growth the policy outlook could at some point require rate hikes. If the energy-price shock persists, the BOC may need to hike this fall.