Switzerland’s government slashed its inflation forecasts, a move in line with expectations that the central bank will cut interest rates again when officials meet next week.

Inflation held steady at 2.2% in the year to August, despite a jump in the cost of flights. The rise in air fares was offset by lower fuel prices and prices in restaurants increasing more slowly, the Office for National Statistics (ONS) said.

Both CPI and PCE inflation are calculated by tracking the prices of a representative sample of goods and services, often referred to as a “basket”. Items in the basket are weighted according to the relative importance of each category.

Former Federal Reserve Bank of Kansas City President and CEO Thomas Hoenig and MacroMavens' Stephanie Pomboy look ahead to the Federal Reserve's rate decision.

Just getting close to 2% inflation without a recession would be victory enough to place Jerome Powell among the pantheon of central bankers.  Federal Reserve Chair Jerome Powell is overseeing the beginning of the end of the sharpest U.