The producer price index for total final demand was unchanged in June, the Bureau of Labor Statistics reported.

The Indian rupee fell on Wednesday as the latest U.S. inflation report showed that tariffs were beginning to feed into prices, weakening bets on rate cuts by the Federal Reserve, which lifted U.S. Treasury yields and the dollar.

President Donald Trump sent the U.S. stock market on a jagged round trip Wednesday after saying he had “talked about the concept of firing” the head of the Federal Reserve.

CPI data reveals inflation trends, with core at 2.9%. Service sector inflation rises, suggesting the Fed may hold rates steady through year-end. Read more here.

The dollar edged down against the euro and yen on Wednesday after hitting multi-week highs the previous day, as investors awaited producer price data later in the session for clues on potential tariff-driven inflation.

A busy week ahead for investors will see inflation data, the debate about the Fed's next move, and the start of second quarter earnings season all come into focus after a flurry of trade activity last week.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.