Inflation edged up in September, nearing the Federal Reserve’s 2 target, according to a Commerce Department report Thursday. The personal consumption expenditures index increased 0.2 monthly and hit a 12-month rate of 2.1, aligning with forecasts. Markets anticipate that the Fed will lower its short-term borrowing rate at its upcoming meeting. Last month, the Fed reduced the rate by half a percentage point, a rare step during economic growth.