A jump in U.S. wholesale prices last month looks to have all but erased the possibility that the Federal Reserve will deliver a jumbo-sized half-percentage-point interest rate cut in September, though expectations for a quarter-percentage-point move next month,

President Trump and Treasury Secretary Scott Bessent have been pushing for aggressive Federal Reserve interest-rate cuts. But one Wall Street strategist warned that even if the Fed delivers, it might not do much to stimulate the economy.

The Fed has been hesitant to cut interest rates because of the possibility that Trump's tariffs could worsen inflation.