Investors are focused on further inflation data later on Friday, with the publication of the University of Michigan's preliminary survey of consumers for August.
However, San Francisco Federal Reserve Bank president Mary Daly said on Thursday that while a 50 basis point rate hike next month "makes sense" given economic data, she'd be open to a bigger hike if necessary. The rate is currently in the 2.25%-2.5% range.Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari have this week also pointed to rates well above 3% this year.