However, the Federal Funds Rate determines how much banks charge each other when they lend reserves overnight. So, changes (and expected changes) to Fed interest rates, and the resulting impact on the prime rate and Treasury yields, influence how much shoppers and businesses pay in interest and have left over to spend.

For investors, the July CPI print was just right, as it raised the odds of a rate cut at the next Fed meeting while showing that inflation isn't spiraling.

US stock futures hovered around the flatline as Wall Street awaited another pulse check on inflation after Tuesday's tepid figures sent rate-cut bets and markets soaring.

Stocks were higher late Thursday, back on record ground, despite a hotter-than-expected reading on July PPI.

U.S. stock futures are trading mixed early Thursday as traders await another key inflation figure, the Producer Price Index, today. Global markets

Wall Street is edging back from its record heights after a disappointing report said inflation was worse last month.

Global stocks retreated from record highs on Thursday while U.S. Treasury yields rose after market expectations for an interest rate cut by the Federal Reserve were shaken by stronger-than-expected inflation data.

Inflation Indicators and Crypto's Embrace. Inflation watch: Markets are treading water this morning, waiting for the release of several repor