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The report likely seals the case for the Fed to begin cutting interest rates at its next meeting.

Inflation pressures are easing, but the pace is painstakingly slow.

U.S. stock futures were mixed on Wednesday, with traders sitting on their hands ahead of key inflation data. In the meantime, eyes will be on any further developments on the Israel-Hamas conflict. Dow Jones Industrial Average futures were down 10 points, or less than 0.

U.S. stock futures were edging up on Wednesday, with traders sitting on their hands ahead of key inflation data. Dow Jones Industrial Average futures were up 10 points, or less than 0.1%. After racking up major gains on Tuesday on the back of a cool reading for producer prices, markets are likely to take a breather on Wednesday until the main event with the release of the U.S. consumer-price index figures for July at 8:30 Eastern time.

Wall Street is looking to consolidate its recent rebound with a muted July inflation report.

Asian shares traded mixed Wednesday, as Japan’s benchmark perked but quickly ran out of steam from news the prime minister won’t seek re-election as head of the ruling party. Japan’s benchmark Nikkei 225 was down 0.1% in morning trading at 36,192.93. Japan’s ruling Liberal Democratic Party controls the majority in the lower house of parliament, which picks the nation’s leader.