Wednesday is one of the last big days for Fed gazing before its September rates meeting.
The minutes of the Fed's July meeting are expected to be released at 2 p.m., and traders are hoping the Fed minutes will give new insight into Fed thinking on rate hikes that did not come out in the post-meeting statement. Before that, the consumer price index will be released at 8:30 a.m. and will be important if it brings any surprises, especially a lower-than-expected pace of inflation.
"The reality is you're not going to get a lot of new incremental data from the minutes," said Bank of America Merrill Lynch equity strategist Daniel Suzuki. He said missing would be Fed reaction to the currency devaluation by China and the selloff in commodities that occurred after the July meeting.