Key Events This Week: CPI, PPI, Retail Sales, Warsh Testifies, China Data, And Earnings Galore

Key U.S. and global economic releases are set to dominate the week, with inflation data and high-profile Fed testimony leading the calendar. The focus starts on Tuesday with the U.S. CPI, where DB economists forecast headline CPI down to -0.16% versus +0.47% in May, and core at +0.23% versus +0.21%. On Wednesday, the U.S. PPI is expected to rise +0.23% (from +0.32% last month), supporting projections for core PCE and pointing to a year-over-year decline to 3.38%. Fed Chair Warsh delivers his first Humphrey-Hawkins testimony to the House Financial Services Committee on Tuesday and the Senate Banking Committee on Wednesday, while additional speakers follow after CPI, including Governors Cook and Cook, and Vice Chair Jefferson, among others. Overseas, China Q2 GDP is expected at 4.4% year over year, and the Bank of Korea is forecast to hike by 25 basis points, while the Bank of Canada is expected to hold.