Overall, though, the trend for inflation has been a steady decline toward the Federal Reserve’s 2% annual target. The Fed, however, is not expected to change interest rates when it meets next week.

May’s softer PPI data missed forecasts, easing inflation fears and boosting odds the Fed may pause rate hikes—bearish for USD, bullish for equities.

Producers of metals and other raw materials rose after muted wholesale inflation data and a continued slide in the U.S. dollar. Wholesale prices rose 0.1% in May from April, a less pronounced gain than economists had forecast. The data weighed on the dollar, which has already lost 10% of its value against a basket of rivals in the last 12 months.

Here are the key points to know ahead of this morning's consumer-price index for May: Year-over-year inflation is expected to pick up slightly from April to 2.4%, according to the consensus estimate.

Reports on consumer and wholesale inflation headline the week’s economic data as tariff negotiations between the U.S. and China begin.

Japan's annual wholesale inflation slowed in May on falling import costs for raw materials, data showed on Wednesday, taking some pressure off the central bank to raise interest rates.

Treasury yields were declining Thursday morning as investors weighed fresh data on wholesale inflation that was softer than expected. The yield on the 10-year Treasury note was falling about 6 basis points to around 4.