CPI is due tonight at 8:30 p.m.

That's the October U.S. consumer price index, a key gauge of inflation in the world's largest economy.

Fed policymakers will likely be watching the numbers closely as they try to assess the path forward for interest rates for the rest of this year and into 2025. Traders are pricing in a 62.4% chance the central bank will deliver a quarter-point cut in December, according to the CME Group's FedWatch Tool.

The Fed cut borrowing costs by 25 basis points last week to a range of 4.50% to 4.75%, noting that while inflation is "somewhat elevated," risks to achieving steady price growth and a resilient job market are "roughly balanced."

Chairman Jerome Powell said officials would also be “patient” in considering bringing interest rates down to a “neutral” level that neither helps nor hinders economic activity, although analysts have begun to speculate how the Fed might adjust its stance in response to Mr Trump’s policy plans.