The news: The US consumer price index (CPI) fell to 2.4% YoY in September, per the Labor Department.

While that was slightly hotter than expectations, the overall trend line is clear: Inflation is nearing the Fed’s 2% goal, setting the stage for more rate cuts, lower borrowing costs, and possibly the much-awaited soft landing.

The vibecession rages on: Despite inflation’s clear downward trajectory, consumers still feel stretched by higher grocery prices and living expenses.