Tariff, a most beautiful word or inflation on a stick.

I'm David Brancaccio. First, the last reading on inflation before the election and the

Fed's interest rate meeting next week

is out this morning. This is the Central Bank's preferred measure of inflation,

personal consumption expenditures. It is up 2.1% in a year using September's numbers.

With fuel and energy prices out of the way,

the index was up 2.7% in a year.

For more, let's get an expert view from Diane Swank,

chief economist at the audit tax and

advisory firm KPMG. Morning. Good morning. Well you couldn't make prices

go down which is what people actually want but inflation but inflation number was better than expected

up rose 0.2% after a slight uptick from the 0.1% pace of August but year on year year, 2.09, we're now going out to those two decimal places.

That's about as close to 2% the Fed's target as we've been since inflation started to accelerate in early 2021.

Again a movement in the right direction for the Federal Reserve, we will see the

Fed cutting rates again next week.

Now we also got a quarterly reading on what employers are paying the employees, but part of that

is how much the employees are getting done productivity.

Exactly and what we saw in that was it moved down from 4.1% to 3.9%.

Again a cooling of costs which is very important for the Fed, and what happens going forward with inflation.

So this should give the Federal Reserve some more confidence in how the economy is performing.

And I think that's very important.

Another big economic release prior to the election and the Fed meeting will be the hiring and

...