TD Research discusses its expectations for tomorrow's May CPI print.

"We expect inflation to slow on a monthly basis by the end of the year as fiscal stimulus continues to fade, supply constraints ease and oil prices lose momentum, but for now the data remains strong," TD notes. 

"Our estimate for May is 0.80%/0.53% m/m for headline/core CPI before rounding, so we see more risk of 0.6% than 0.4% for the core series. On a y/y basis, we look for inflation to pick up to 8.4% y/y for the headline, but to decline to 5.9% for the core," TD adds.