Analysts expect a 25 basis point cut in U.S. interest rates this week, but Nielsen, chief economist at the Bank of America Policy Institute, said the Fed may offer some clues that its view on inflation is changing. Nielsen wrote that the Fed's previous policy statement said "the Committee's confidence that inflation is continuing to move toward 2 percent has increased," but given that the 12-month weighted average core CPI and PCE inflation data have not declined significantly since the summer, it is difficult for Fed officials to reiterate that their confidence has improved further. Nielsen said Powell may use his remarks to open the door for the Fed to pause rate cuts at its last meeting in December.