The inflation report comes just a day before the Bank of England announces its rate decision. Inflation is almost double the BoE's target of 2% and today's release likely means that the BoE will not reduce rates before 2026. The BoE cut rates by a quarter-point in August to 4.0% but will be hard pressed to follow up with additional cuts due unless inflation falls lower. Fed widely expected to lower ratesThe Federal Reserve is virtually certain to lower rates at today's meeting. With the rate decision virtually a given, investors will be looking for some clues as to whether the Fed is looking at further rates cuts before the end of the year.