Nancy Davis and Eric Winograd react to the September PCE data, which was delayed due to the government shutdown. Nancy says the report is a “green light” that lets the Fed “cut, cut, cut,” and previews what to watch in Powell’s comments after the FOMC decision next week. Eric doesn’t think there was any “new information” in the report and notes that the Fed is still missing up to date labor market data. “The Fed gets to choose” next week he says but thinks the picture will clear up in 2026.