Glenmede strategists Jason Pride and Michael Reynolds said this week's CPI may be the most important data the Fed sees before its October meeting; focus is on whether services inflation remains stubborn. Over the 12 months to August, services prices excluding energy rose 3.0% YoY, above the Fed's 2% target. They note the mix across subcomponents matters: a rising share of subcomponents above target could indicate price pressure is spreading beyond energy into broader areas.