The Market On Wednesday

  Good morning. It is 41 degrees and overcast here in Upstate NY. The forecast is predicting rain right through to Monday. I hope not as I'm performing outdoors on Sunday - maybe not. Regardless it's nice to see the leaves starting to return to the trees. The barren quality is about to lift until the end of October, so hurray for that.

  At 8:45 a.m. ET futures are slightly higher and the price of oil per barrel is down. The market is poised to open flat except...

  I just read this - "U.S. government says economy grew at a 0.1% annual rate in first three months of 2014, much worse than expected." Yeah, that will throw a wrench in the day. Add to that an expected announcement from the Fed that there will be a further abatement to quantitative easing and man oh man the day could sour really fast. But, stranger things have happened.

CNN: Stocks: Focus switches to Fed, economy

The Fed wraps up a two-day policy meeting with a decision on interest rates at 2 p.m. ET. The central bank is expected to reduce its asset purchases by another $10 billion.

...the Bureau of Economic Analysis releases (released) its initial estimate of first quarter U.S. GDP at 8:30 a.m. ET.