Minutes from the Fed's most recent Open Market Committee meeting will be released at 1 p.m. Wednesday, the only significant report on the docket. Due to this week's four-day schedule, the Energy Department's weekly inventory report is pushed to Thursday. Traders will keep close watch over the latest weather forecasts and any outside news, especially as the one-year anniversary of Russia's invasion of Ukraine approaches.
Weather
A long-duration winter storm event continues to produce widespread impacts for much of the country on Wednesday. Showers and thunderstorms are developing across the southeastern Plains through the Midwest, some of which may be severe. A narrow band of heavier snow continues in Wisconsin and Michigan this morning but will broaden out during the day, with a risk of freezing rain from Iowa to southern Michigan. The larger part of the storm is in the Rockies and will increase the snowfall across the Northern Plains into the Upper Midwest throughout today and tonight, leading to heavy snowfall amounts. Winds with the system are increasing and will be strong enough to produce blizzard conditions where the heavy snow falls.