This week, new Federal Reserve Chair Warsh will testify before Congress for the first time on the monetary policy report. The Fed submitted its semiannual report on the 10th, noting that inflation rose further in the spring and recommitting to price stability, while indicating that the labor market remains stable and production is strong. In the US, the June Consumer Price Index will be released, with headline CPI expected to fall 0.1% month-on-month, the first decline in about six years, and slow to a 3.8% year-on-year increase. Core CPI is expected to hold steady at 0.2% month-on-month and 2.9% year-on-year, matching May's pace. June retail sales are expected to slow to a 0.3% gain due to falling gasoline prices, though World Cup-related spending could partially offset the decline. The Bank of Canada is expected to hold its policy rate steady.