Canada CPI yy

One day of economic optimism has quickly busted with S&P 500  futures  down 54 points and the commodity  currencies  getting beaten up.

The loonie will be in focus at the bottom of the hour with the May Canadian CPI reading to come. Most economists are expecting the Bank of Canada to hike by 75 bps in July but the odds could swing on this report, which is expected to show 7.4% y/y price increases and 1.0% m/m.

We'll get further commentary on the outlook in a fireside chat with the BOC's Carolyn Rogers at 10:40 am ET.

Then it will be a series of Fed speakers with Barkin at noon (he spoke extensively yesterday), Evans at 12:55 pm ET and Harker at 1:30 pm ET. Of course, Powell is the main event at 9:30 am ET.

The US calendar features a 20-year Treasury auction and API oil inventories. We will also get eurozone consumer confidence at 10 am ET.