Wholesale prices jumped 0.9% last month, the fastest since May 2022, while core PPI rose 0.6%, signaling persistent inflation. Jobless claims eased slightly to 224,000, but investors are cautious as hopes for a large September rate cut slip away.

Key Takeaways A higher-than-expected July Producer Price Index report has economists asking whether consumers will soon see price increases as businesses struggle with higher costs.Tariffs likely contributed to price increases on goods that are subject to tariffs.

The US dollar weakened on Wednesday after a softer-than-expected inflation reading reinforced market expectations that the Federal Reserve could cut interest rates as early as September. According to Reuters,