The Fed’s preferred inflation gauge edged up mostly in line with economists’ expectations in September, likely paving the way for the Federal Reserve to cut interest rates next week.

The Federal Reserve’s preferred measure of inflation changed little in September, likely easing the way to a widely expected interest rate cut by the central bank next week.

The Federal Reserve’s preferred measure of inflation held below 3% in September, and indicated a moderate month-over-month increase in prices unlikely to block consideration of an interest-rate cut at the central bank’s meeting next week.

The September PCE data, which was released on Friday after more than a month’s delay, is stale and contains no decisive steer about the state of the US economy.