The U.S. Labor Department will release its consumer price index for June at 7:30 a.m. CDT, a big concern for investors with ramifications for Fed policy. At 9:30 a.m., the Energy Department will have its weekly report of energy inventories, including ethanol production. At 1 p.m., the Fed's Beige Book be scoured for any clues about interest rates, the same time the U.S. Treasury reports on the federal budget for June.
Weather
A cold front moving into the Southeast will combine with an old one left over from the weekend to produce widespread showers and thunderstorms on Wednesday. Most of the rest of the country will be quiet, though a front will start to move through the Canadian Prairies and Montana later in the day which will be the focus for thunderstorm development as well. Heat in the West and around Texas will continue for another day.