Bank of America Global Research previews the US September CPI report due on Wednesday.

"Core CPI likely slowed to 0.2% m/m (2.5% y/y) in September after August's stronger reading, with headline CPI spiking by 0.6% due to higher gas prices. We estimate core PCE inflation at 0.22% m/m and 3.0% y/y, a pace still above the Fed's target but not necessarily strong enough to alter near-term policy expectations," BofA notes.

"However, risks are tilted modestly to the upside from airfares, wireless service pricing, and AI-related demand for electronics. A stronger 0.3% m/m core CPI print would put October back in play," BofA adds.