The Labor Department released a report on Wednesday showing producer prices in the U.S. unexpectedly came in flat during the month of November.
The report said the producer price index for final demand was unchanged in November after falling by a revised 0.4 percent in October.
Economists had expected producer prices to inch up by 0.1 percent compared to the 0.5 percent drop originally reported for the previous month.
The Labor Department also said the annual rate of producer price growth slowed to 0.9 percent in November from 1.2 percent in October. Year-over-year growth was expected to slow to 1.0 percent.
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended December 8th.
Crude oil inventories are expected to decrease by 1.5 million barrels after tumbling by 4.6 million barrels in the previous week. The Federal Reserve is due to announce its latest monetary policy decision at 2 pm ET, followed by Fed Chair Jerome Powell’s post-meeting press conference at 2:30 pm ET.