For the US CPI data for September 2024, to be released tonight, the consensus is for annual inflation to rise 2.3% year-on-year, which would be the lowest increase since February 2021. This reflects a continued cooling of inflationary pressures. The monthly increase is expected to remain modest at around 0.1%, following a 0.2% increase in August. Core inflation, which excludes food and energy, is expected to remain stable at 3.2%. Given these numbers, the data suggests a favorable environment for the Federal Reserve to consider future rate cuts. Inflation appears to be approaching the Fed's long-term target of 2%, making it more likely that they will choose to gradually cut interest rates to support economic growth.