U.S. wholesale prices rose in August, according to a report Thursday that could play a key role in the Federal Reserve’s upcoming interest rate decision.

The producer price index, a measure of final demand costs for goods and services, increased a seasonally adjusted 0.4% for the month, in line with the Dow Jones consensus, the Bureau of Labor Statistics reported.

On an annual basis, that put the PPI at 5.4%, still well above the Fed’s 2% inflation target and 0.1 percentage point higher than expected. The PPI rose 0.1% in July, a slight upward revision from the original estimate of no change.

Excluding food and energy, the core PPI accelerated by 0.2%, against the forecast for a 0.3% increase. Core less trade services, another volatile category, was up 0.3%, in line with estimates.

Stock market futures were negative following the report, the release of which coincided with U.S. crude oil prices topping $100 a barrel. Treasury yields moved sharply higher, with the 10-year note hitting its highest since November 2023.

“Net, net, today’s PPI inflation report does nothing to turn down the warnings about the inflation threats the economy faces, especially if you are an inflation hawk with an itchy trigger finger at the Federal Reserve,” wrote Chris Rupkey, chief economist at Fwdbonds.

Energy prices in particular and goods prices overall were responsible for most of the PPI increase. Final demand energy prices rose 4.2%, pushed largely by soaring diesel, which surged 24.1%. Goods prices broadly increased 1.1%.

Services prices were up just 0.1%, with a 2.3% increase in transportation and warehousing accounting for much of that move.

Portfolio management costs, a closely watched metric in the PPI calculations, fell 1.6% for the month but were still up 18.8% from a year ago.

There were further signs of pipeline pressures: Processed goods prices increased 1.8% while unprocessed goods accelerated 1.1%.

The report comes less than a week before central bankers will release their decision on interest rates.

A separate report, the consumer price index, will be out Friday. CPI is expected to show a headline annual inflation rate of 3.4%, though core is expected at 2.4%. Both BLS measures feed into the Fed’s primary inflation gauge, the personal consumption expenditures price index, though that will not be released until later in the month, and after next week’s policy meeting.

After being on hold throughout 2026, the Fed is expected to approve a quarter percentage point hike of its benchmark interest rate, though market pricing has been volatile. Traders slightly increased their bets on a rate increase following the PPI release, putting the odds close to 66%, according to the CME Group’s FedWatch gauge of futures prices.

Public statements from Fed officials have been split.

Chairman Kevin Warsh recently emphasized his commitment to getting inflation back to target and said action may be needed. Others, though, have advocated for a more patient approach and said policymakers should continue to watch the data for signs on how things are trending.

Much of this year’s persistent inflation has been attributed to the lingering impact from tariffs as well as the war in the Middle East.

The AI buildout represents a “once in a lifetime” investment shift that is turbo-charging private markets appetite — and helping to drive a shift away from the traditional 60/40 equities-bonds portfolio mix. That’s the view of Fabio Osta, managing director and head of the alternatives specialists team, EMEA wealth at BlackRock , who said private markets are becoming “more accessible, more holistic and more transparent” for wealthy individual investors. As the traditional 60/40 equities and bonds portfolio mix comes under greater pressure amid supply shocks, inflation pressures and bond market volatility, alternative investments, like private markets, are moving into sharp focus. Speaking to CNBC on the sidelines of this year’s IPEM Global conference in Paris, Osta said both institutional investors and high-net-worth individuals are showing “great appetite” for private markets. “We are entering a new continuum for blending public [and] private markets,” Osta told CNBC’s Karen Tso on Wednesday. “Today, private markets are entering a new era of growth,” he explained, adding that global alternative assets under management are expected to grow from $20 trillion to $30 trillion by 2030, powered by both institutional and wealth client appetite. “We are moving away from the traditional 60/40,” Osta said, adding that he is instead recommending a 50/ 30/20 equities, bonds, and private markets split for wealth clients. Osta sees the opportunity in the AI buildout as a core part of private markets exposure for investors. “We look at AI as an amazing once in a lifetime opportunity for our clients including institutional and wealth,” he said, adding that AI has evolved from a micro theme a few years ago to a macro theme today, which has implications across regions, sectors, and asset classes. BlackRock sees AI through the lens of three phases. “We are in the early innings of what is the buildout of AI, which requires scaled innovation,” Osta said. The second phase will be adoption, followed by a third phase of transformation over the next decade. He highlighted Mistral ’s recent 3 billion euro ($3.49 billion) fundraise, in which BlackRock was involved, as a “prime example” of AI-private markets tie-up opportunities. Osta also pinpointed the energy transition, demographics, and urbanization as “mega trends” shaping the private markets landscape. “Within that opportunity set, selectivity is really key,” he added.

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The hit comedy series South Park has confirmed it will now be called South America for its upcoming 29th season, which launches on September 16.

Creators Trey Parker and Matt Stone released a statement reading, “Motivated by the courage and patriotism shown by Apple and Google, we are renaming South Park to SOUTH AMERICA. In particular, we thank our parent company Paramount, which is now part of a Skydance Capitulation.”

The announcement follows President Donald Trump’s executive order to rename Lake Ontario as Lake America during a trade dispute with Canada, a change that Canadian officials have refused to acknowledge.

Apple and Google subsequently updated their map services, displaying “Lake America” to U.S. users while Canadian users continue to see “Lake Ontario.”

The timing also aligns with a post Trump made on Truth Social a day earlier, where AI‑generated content proposed renaming New Mexico as “New America.”

In the previous year, Trump issued an executive order renaming the Gulf of Mexico as the Gulf of America, prompting widespread international criticism.

South Park earned an Emmy for Outstanding Animated Program for its episode “Sermon on the Mount,” which debuted last year and satirizes Trump’s time in office.

The reference to a “Skydance Capitulation” follows an $8 billion merger between Paramount and Skydance, cleared by the Federal Communications Commission last year after Paramount paid Trump $16 million to settle a lawsuit.

Trump claimed that an interview with then‑presidential candidate Kamala Harris, broadcast on CBS’s “60 Minutes” in 2024, was deceptively edited.

In July 2025, Paramount’s subsidiary CBS News announced the cancellation of Stephen Colbert’s “The Late Show,” citing financial concerns, shortly after Colbert accused the company of giving Trump a “big fat bribe.” The series concluded with its final episode in May.

Neither Paramount nor the White House have yet responded to requests for comment.