October's increase in the core PCE (personal consumption expenditure) price index is expected to hang out at +0.3% month-over-month, the same as in September, according to economists' consensus. It highlights the difficulty in wringing the last bit of disinflation out of the current inflation rate to bring it down to the Federal Reserve's 2% goal.

The Federal Reserve’s preferred inflation gauge is likely to show a sharper increase in prices in October for the second month in a row, adding to the uncertainty about how much the central bank will reduce borrowing costs.