Inflationary pressures in the UK appear to remain stubbornly high. Consumer prices are expected to increase 0.5 percent on the month in February for a 9.9 percent year-over-year rate. Respective rates in January were minus 0.6 and 10.1 percent. Output prices in February are seen edging lower to a 13.3 percent year-over-year inflation rate versus January's 13.5 percent.

At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee is scheduled to announce the outcome of its two-day policy meeting. The FOMC is expected to raise the target range for the federal funds rate by 25 basis points to a range of 4.75 to 5.00 percent, after tightening at the same rate in January and slowing the pace of its tightening from 50 basis points in December and 75-point hikes conducted previously.

Some forecasters see no move and no forecasters in Econoday's sample see a 50-point move.

Federal Reserve Chair Jerome Powell will hold a post-meeting news conference at 2:30 p.m. EDT (1830 GMT).

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.