US stock futures were little changed on Wednesday as investors braced for a consumer inflation report that will set the stage for the Federal Reserve's final interest rate decision of the year.

Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 futures (ES=F) both wobbled along the flat line. Contracts on the tech-heavy Nasdaq 100 (NQ=F) added roughly 0.2%.

Caution seems to be the watchword ahead of the release of November's consumer price index update, which will shine a light on inflation and the economy. Markets have been in lull this week, with stocks slipping back from record highs, as investors counted down to the potential catalyst.

Wall Street heads into CPI day convinced the reading won't derail the Fed from cutting rates by a quarter percentage point at its meeting next week. The report, set for release at 8:30 a.m. ET, is expected to show headline inflation of 2.7% and an annual rate of 3.3% for "core" inflation, which strips out costs of food and gas.

But investors are on alert for any surprise, as high stock valuations and the view of a rate cut as a done deal could amplify any market reaction.

Earlier on Wednesday, a report that China is considering devaluing its currency sent ripples through global stock markets and boosted the dollar (DX=F). The potential move is seen as a response to higher tariffs promised by President-elect Donald Trump, as a weaker yuan (CNHUSD=X) could make Chinese exports cheaper.

On the corporate front, Macy's (M) stock sank 8% in pre-market trading after the department store chain lowered its full-year profit guidance. The retailer released its third-quarter results after delaying the report while it investigated an employee hiding up to $154 million in expenses.