A jump in wholesale prices is likely to bolster concerns among Federal Reserve policymakers that rising inflation remains a risk, intensifying debate over the wisdom of a rate cut at their September meeting and leaving the tension between the U.

At the start of the month, a significantly weaker than expected July nonfarm payrolls report along with one of the biggest two-month revisions in decades to job growth all but convinced market participants that the data would be enough to finally get the Federal Reserve to cut interest rates.

With the job market faltering and consumer prices not surging as expected, investors increasingly believe the Federal Reserve is about to cut interest rates to boost the economy.