Today we look at a fresh and unexpected spike back higher in the US June CPI numbers and whether this data is sufficient to shift the narrative on inflation. So far, the reaction is modest compared to the scale of the reaction. Elsewhere, we run through the theme of central banks unwinding accommodation as the RBNZ surprised on the hawkish side overnight and the Bank of Canada is up later today. Also, a look at the potential for a massive new US fiscal package proposed by Democrats in Congress.