Eyes are on US inflation with the market pricing in a 65% chance of a cut at the December FOMC. That ticked up about 8 points yesterday with the FOMC minutes highlighting a strong consensus around gradual rate cuts.
The main number to watch is core PCE, which is forecast to rise 0.3% m/m and 2.8% y/y. Even a slight rise above that would give the Fed a real headache.
The report is out at 10 am ET.
