The main event Wednesday will be the Federal Reserve's policy announcement scheduled for 2 pm ET followed by a press conference with Fed Chair Jerome Powell at 2:30 pm ET. Markets uniformly anticipate no rate action from the Fed this time but expect the Fed to maintain a bias toward easing pending more inflation progress and clarity on the impact of new policies from the Trump administration.

Earlier Wednesday, the Bank of Canada is widely expected to announce a 25 basis point rate cut at 9:45 am ET, and BOC Governor Tiff Macklem will meet the press at 10:30 am ET.

From Washington, D.C., investors will be watching closely Wednesday as the Trump administration executes its plan to deport millions and to impose huge tariffs on imported goods, developments widely expected to increase inflation and disrupt the economy. Meanwhile, the administration's freeze on an array of federal grants, loans, and financial assistance appears to signal a degree of fiscal austerity that would tend to depress interest rates and inflation, if implemented.

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.