Canada's Minister of Finance Chrystia Freeland and her U.S. counterpart, Treasury Secretary Janet Yellen, is expected to hold a joint news conference on Monday afternoon amid soaring inflation in both countries.

According to a report released from Scotiabank, a cut in planned government spending could help tame rampant inflation and reduce pressure on the Bank of Canada to hike interest rates.

The report from the bank’s chief economist Jean-Francois Perrault and modelling director René Lalonde claims that Canadian fiscal policymakers are “doing nothing of any significance to slow inflation at the moment.”

Scotiabank’s analysis comes as Freeland and Yellen discussed cooperation between the nations and the global inflation concerns in an armchair conversation held earlier that day.

Statistics Canada is set to announce May inflation figures on Wednesday, with at least two major banks expecting a reading of 7.4 per cent, which would be higher than the 6.8 per cent reading for April.

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