Consumer Credit, Pianalto, BOE Inflation, BOJ, Rajan

WHAT TO WATCH: U.S. consumer borrowing probably climbed $15 billion in June, according to forecasts, 3 p.m. Cleveland Fed President Sandra Pianalto speaks, 1:40 p.m. The Bank of England for the first time linked the outlook for its benchmark interest rate to unemployment and inflation and will keep its current policy “at least” until the jobless rate falls to 7 percent. The BOJ started a
two-day meeting and probably won’t expand stimulus, according to forecasts.

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