The Labor Department's employment cost index for the fourth quarter is set for 8:30 a.m. CST. The Energy Department's weekly energy inventory report is at 9:30 a.m. The Federal Reserve's rate announcement is at 1 p.m. and is expected to keep rates unchanged, but traders will be listening to any Fed comments. USDA's report of U.S. January 1 cattle inventory at 2 p.m. will get more attention than usual with a chance inventory will fall below the 2014 low of 88.5 million head, possibly the lowest number of U.S. cattle since 1952.
Weather
A large trough and atmospheric river event is starting to move onto the West Coast Wednesday morning. The event will be a big one that causes a storm system for Friday through the weekend farther east. Until then, it continues to be quiet and warm for much of the country with some places breaking record highs.