US stock futures wavered amid increasing expectations that the Federal Reserve will cut interest rates at its next meeting, following the latest inflation data.

Nomura expects the U.S. Federal Reserve to cut interest rates by 25 basis points in September, bringing forward its easing forecast, amid signs of milder U.S. inflation in July and early cracks in the labor market.

Scott Helfstein, head of investment strategy at Global X, added that there’s “little evidence” tariffs are causing a meaningful rise in inflation at this point, noting that shelter and energy services like electricity and piped gas remain primary drivers.