(Reuters) – U.S. stock index futures were steady on Thursday as investors awaited a fresh batch of economic data and Federal Reserve Chair Jerome Powell’s comments later in the day for clues on the outlook for the economy and monetary policy.

The producer price index (PPI) reading for October and weekly jobless claims data are expected at 8:30 a.m. ET.

“These numbers (PPI) better reflect corporate pricing power than the consumer price data, the tone should be consistent with a December rate cut,” said Paul Donovan, chief economist at UBS Global Wealth Management.

Traders are broadly pricing in an 82.3% chance of a 25-basis point interest rate cut at the Fed’s December meeting, according to CME FedWatch.

Bets on a December cut increased after Wednesday’s consumer price index data, which was in line with forecasts.

Powell will provide an update on his economic outlook to business leaders in Dallas, a day after some Fed policymakers shifted their attention back to inflation risks as they weighed when, and how fast and far, to cut interest rates.

Policies under President-elect Donald Trump’s administration are widely expected to add to inflationary pressures.

The Republican Party will control both houses of Congress when Trump takes office in January, Edison Research projected on Wednesday, enabling him to push an agenda of slashing taxes and shrinking the federal government.

Changing inflation expectations are clearly visible in the bond market, where the U.S. 10-year Treasury yield has ticked up to its highest since July, which could limit gains for rate-sensitive equities.

At 5:25 a.m. ET, Dow E-minis were up 47 points, or 0.11%, S&P 500 E-minis were up 3.75 points, or 0.06%, and Nasdaq 100 E-minis were up 8 points, or 0.04%.

Futures tracking the small-cap Russell 2000 jumped 0.7% after the index closed down nearly 1% on Wednesday.

Shares of cryptocurrency-focused companies rose on Thursday as bitcoin continued to climb on hopes of favorable policies under Trump. Coinbase Global gained 4.2%, miner MARA Holdings rose 3.3% and bitcoin buyer MicroStrategy was up 3.7% in premarket trading.

The Dow and the S&P 500 edged higher on Wednesday, while the Nasdaq lost ground.

Earnings from Walt Disney and semiconductor company Applied Materials are due before the bell, with the company’s shares up 2% and 1.2%, respectively, on Thursday.

Cisco dipped 4.6% after the computer networking equipment maker forecast annual revenue broadly in line with estimates after the bell on Wednesday.

Remarks from Fed officials Adriana Kugler, Thomas Barkin and John Williams are expected later on Thursday.

(Reporting by Lisa Mattackal in Bengaluru; Editing by Shounak Dasgupta)