Inflation accelerated slightly for the month of October, sparking concern the Fed could pause its interest rate-cutting cycle in January.

U.S. stock index futures edged lower on Wednesday as an uptick in Treasury yields weighed on rate-sensitive equities ahead of crucial inflation data that will offer more signals on the pace of the Federal Reserve's interest rate reductions.

The consumer price index rose 0.2% in October for the fourth straight month, and advanced 2.6% on an annual basis.