The U.S. employment cost index for the second quarter will be out at 7:30 a.m. CDT Wednesday, followed by the U.S. Energy Department's weekly energy inventory report at 9:30 a.m. The Federal Reserve will announce its decision on interest rates at 1 p.m. and is expected to keep the target unchanged with an upper limit of 5.50%.
Weather
Heat continuing across the South-Central U.S. on Wednesday will feed scattered showers and thunderstorms as a front moves across the Western Corn Belt. Some of these thunderstorms may be severe and could put out a lot of rain as storms hit areas that have already been hit this week. Many areas will be unfortunately missed and those that are will sit in the heat, reducing soil moisture and stressing row crops.