Equity futures climbed on the softer data, with the Dow and S&P 500 futures gaining . The report reinforced the view that wholesale inflation is easing, which weighed on the dollar and supported risk assets.
Bitcoin reacted with notable indifference. BTC/USD edged up about 0.5% on the day to around $63,900–$64,000, with volatility broadly absent . The cool PPI, combined with the prior day's in-line CPI, reduced fears of a near-term Fed rate hike, but Bitcoin "lacked fresh impetus" to break out of its recent range
. Traders noted that the cryptocurrency appeared stuck in a holding pattern, ignoring what would normally be bullish macro news
.
The probability of a September 2026 rate hike collapsed dramatically. According to CME FedWatch data cited after the report, the odds of a September hike dropped to roughly 34.8%, down from about 55% a week earlier . Just a few weeks prior, amid oil price spikes, the odds had surged to as high as 82% . The series of cooler data points—a weak July jobs report, in-line CPI, and now flat PPI—combined to shift the market firmly toward expecting a pause .
The following releases are on traders' radars as they gauge the next move from the Fed: