According to Jinshi, the possibility of a Bank of Canada rate cut in July was hit after the May CPI report showed higher-than-expected inflation. Strategists at the National Bank of Canada believe that the market's pullback in expectations for rate cuts may have been overdone to some extent. Another inflation report for June will be released a week before the Bank of Canada's July 24 decision. If June's inflation rate is close to the level of January-April, Bank of Canada officials may attribute the May data to fluctuations. Currently, Canada's GDP growth remains sluggish and the labor market continues to weaken.