Inflation Data Looms Large Ahead of Fed Policy Decision

U.S. stock index futures edged higher on Wednesday ahead of July's inflation report, which could influence the Federal Reserve's monetary policy path.

The Reuters survey predicted a moderate price increase in July, with the CPI likely rebounding 0.1% after falling 0.4% in June.

Despite this, Ipek Ozkardeskaya, senior analyst at Swissquote, noted that the inflation figures will be under heightened scrutiny as investors assess the impact of the oil shock from the Middle East conflict.

The situation in the Middle East remained volatile, with separate attacks on shipping reported by the U.S. and Yemen's Iran-aligned Houthis, dimming prospects for ending the Iran war.