US stock futures ticked higher on Wednesday as investors weighed fresh consumer inflation data that looked to keep the Federal Reserve on pace for another rate cut next month.

Dow Jones Industrial Average futures (YM=F) rose roughly 0.2%, coming off a steep slide as stocks closed lower across the board. Contracts on the S&P 500 (ES=F) also rose 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) were up 0.1%.

Consumer prices rose largely as forecast in October, with the Consumer Price Index rising 2.6% year over year and 0.2% on a month-over-month basis, both meeting forecasts. Rises in "core" inflation — of 3.3% year over year and 0.3% month over month — also met estimates.

Inflation has taken center stage again after the post-election rip higher hit a wall. The FOMO market lost some mojo Tuesday as it ponders whether President-elect Donald Trump's policies could boost inflation as well as the economy. That has helped push Treasury yields higher, promising higher borrowing costs all around.

The report appears to keep the Federal Reserve on track for a December rate cut. Minneapolis Fed president Neel Kashkari told Yahoo Finance that inflation data was the key focus for the central bank in the weeks ahead, saying at Yahoo Finance’s Invest conference that any surprise to the upside "might give us pause."

According to the CME FedWatch tool, 70% of traders expect a rate cut in December.

Meanwhile, Trump has named Tesla (TSLA) CEO Elon Musk to co-lead a new Department of Government Efficiency — another challenge for analysts trying to assess the EV maker's prospects. The incoming president's picks for his cabinet are also being closely watched for impact on his policies and the economy, though DOGE is not an government agency.

Tesla's stock popped higher in premarket trading, bidding for a comeback from a 6% fall on Tuesday. Meanwhile, shares of Rivian (RIVN) jumped after Volkswagen raised its investment in the rival electric carmaker to $5.8 billion.

Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards

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