Futures tied to the Federal Reserve's policy rate edged down after data showed wholesale prices firmed a little more than expected last month, though not enough to suggest traders have lost confidence that the U.S. central bank will cut short-term borrowing costs again next month.

After the data, which showed producer prices excluding food and energy rose 3.1% in the 12 months through October, traders priced in about a 75% chance of a quarter-point interest-rate cut in December, versus more than 80% before the data. They also lightened up a bit on their expectations for rate cuts next year, pricing in no more than two further quarter-point hikes for the whole of 2025.