Investors are betting harder on a September Federal Reserve interest rate cut after last month's mild inflation bump, which indicated the pass-through from President Donald Trump's sweeping import duties to goods prices has so far been limited.

Stock futures were climbing on Tuesday after the latest reading on the closely watched Consumer Price Index met economists' expectations, showing the pace of inflation over the past year hasn't changed much compared with the prior month.

Soft CPI and weak jobs data point to Fed rate cuts as shelter inflation eases and AI boosts corporate profits.