 has fallen to a 2.6% year-over-year rate. That's getting pretty close. And many economists, including those at the Fed itself, have suggested that the Fed cannot wait until inflation gets to 2% to cut interest rates. That would be a form of tightening monetary policy. It should do so prospectively as it gets closer and closer to the goal, something that appears to be happening not just with the PCE measure, but with consumer prices and wholesale prices.