If you’re hoping for a rate cut from the RBA this year, today’s inflation number could be your first glimmer of hope. We get the monthly CPI for August today, and if it comes in at 2.7% or lower, it’ll be a big tick in the box for those of us praying for lower interest rates. The Reserve Bank will also be watching the quarterly CPI in October, but today’s figure is the first real test. The US gets two key drops this week: GDP and the Fed’s preferred inflation measure, the PCE Index. Back here, if we want a cut by November, we need this inflation number to behave — and that starts today.