U.S. stock index futures trimmed losses to indicate a flat to slightly higher open on Friday on the last trading day in July, as investors continued to digest the Fed statement amid more data releases.
The employment cost index rose 0.2 percent in the second quarter, missing expectations for a 0.6 percent increase.
"What it tells us is September may not be a lock. If anything that may be a little reason why w're seeing a bit of rotation in futures here," said Art Hogan, chief market strategist at Wunderlich Securities.
The 2-year yield plunged after the report, dropping to 0.68 percent from as high as 0.75 percent earlier in the morning. The 10-year yield edged lower, trading near 2.21 percent.
The U.S. dollar fell about 1 percent, with the euro holding above $1.10 and the yen just below 124 yen against the greenback.
Other data scheduled for release include the July Chicago PMI and the final University of Michigan consumer sentiment survey, at 9:45 a.m. ET and 10:00 a.m. respectively.
The central bank kept the door open for a September rate hike in its post-meeting statement this week. However, it didn't provide any clarity as to whether it expects to move its Fed funds target rate from zero in September, as many economists expect, or whether a December rise is more likely, as the futures markets now forecast.