How will the reports of the consumer price index’s (CPI) rise and inflation expectation’s drop affect upcoming monetary policy?

Fed chair Jay Powell and his colleagues have made clear that they’re going to base their decision-making first and foremost on the demonstrated record of inflation. And in that light, the most recent move has been distinctly discouraging.

The CPI’s September 13 release indicated considerably more pressure in the inflation pipeline than had seemed likely prior to then