PPI price index could provide early signs of where consumer inflation is headed.

The U.S. Producer Price Index (PPI) report for July showed that the market expected wholesale prices to rise by 0.2%, in line with the previous month's increase, but the PPI for final demand actually rose by only 0.1%.

According to the dot plot released by the Federal Reserve yesterday, seven members support one rate cut this year, and eight members support two rate cuts this year.