There’s a major data release to watch tonight!

The Fed’s most closely watched inflation indicator—the PCE data—is about to be released. This one is especially critical because the CPI data has already been delayed, which means tonight’s report is the only inflation reference the Fed will have ahead of its December policy meeting.

The market is basically holding a magnifying glass, ready to scrutinize every number and statement in the report. After all, whether rate cut expectations can be realized largely depends on what this set of data says.

Everyone, buckle up—there could be volatility tonight.