ChainCatcher Message, the "small twist" on the road to falling U.S. inflation is most evident in the core PCE, which has hovered around an annual rate of 2.7% for the past six months.Economists at Bank of America Securities wrote, "Two consecutive months of 0.3% growth (month-over-month) will certainly lead Fed participants to reassess their inflation and policy outlook."Nevertheless, we still expect the Fed to cut rates by 25 basis points in December, but given the strong economic activity and persistent inflation, the rate-cutting cycle seems to be shorter."