The Federal Reserve's Beige Book will be released at 1 p.m. CDT. There are no other significant reports Wednesday. Traders will continue to monitor the latest weather forecasts and follow progress on the proposal in Congress to raise the debt ceiling.
Weather
As has been the pattern lately, showers and thunderstorms are expected to develop in the Plains for yet another day. However, we should see showers and thunderstorms developing in the western half of the Midwest as well. Models are all over the place with placement and intensity, but some heavier rain should be expected, which could lead to some flooding in spots. Severe weather cannot be ruled out either, especially over west Texas.