Fed Chair Jerome Powell's appearance at 10 am ET Tuesday before the Senate Banking Committee is the focus for the day. Powell will deliver the Fed's semiannual report to Congress on monetary policy. He'll start off by reading a lengthy statement discussing the Fed's view of the economy and policy outlook. Then he will be obliged to respond to many hours of questions from members of the committee.

In the opening statement, Powell is likely to reprise the views he expressed after the Fed held rates steady two weeks ago and the views of other officials who spoke last week. Their common theme since the FOMC meeting is caution. They haven't closed the door on cutting the federal funds rate again at some stage, but they have echoed Powell's assertion that there's"no hurry" to do so.

Other Fed speakers are on the calendar Tuesday but they are unlikely to upstage Powell. Cleveland Fed President Beth Hammack is to speak at 8:50 am ET at the University of Kentucky. New York Fed President John Williams will speak at 15:30 ET at Pace University. Fed Governor Michelle Bowman is to talk about bank regulation at 15:30 before an Iowa banking group.

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.