Ahead of the highly anticipated Federal Open Market Committee meeting from September 17-18, the latest inflation data provided markets and investors with some good news. The August Consumer Price Index came in at 2.5% year-over-year, down from the July level of 2.9%. The recent trend lower has been welcomed by all. However, to be successful, investors need to understand not only the backward-looking data — such as CPI and other metrics — but also forward-looking expectations. This...