The chaotic policy picture remains the focus of attention Thursday in financial markets. President Trump granted a reprieve on import tariffs for Canadian autos for a month but other huge tariffs are now in effect and more are coming including across the board reciprocal tariffs on April 2 that Trump calls"the big one." DOGE spending cuts are beginning to ripple through the economy with layoffs of thousands of government workers and cancelled or suspended government contracts hitting the private sector. And last is the impact of immigration policy and its impact on the labor market. The weak ADP employment report Wednesday suggested that employers have begun puling back with all the uncertainty. Next is the watch for a government shutdown.

In conventional macro news, markets anticipate a reassuring 25 basis point rate cut from the ECB, due at 8:15 am ET.

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.