US August PCE inflation cooled below expectations, easing pressure on the Fed: • Headline PCE: +0.3% M/M | +3.4% Y/Y (exp: 0.4%) • Core PCE: +0.2% M/M | +3.0% Y/Y • Consumer Spending: +0.9% M/M (strong demand holds) Odds of an October Fed rate hike slid from 51.5% to ~41.5%.