US CPI is the main event on the economic calendar for Wednesday, scheduled for 8:30am ET. The consensus looks for another 0.3 percent monthly increase for headline CPI and for core CPI for February, with year on year increases of 2.9 percent and 3.2 percent. Anything higher is likely to set off another scare in financial markets, which are already suffering from worries about President Trump's tariffs. The CPI reading is considered another important data point as the Federal Open Market Committee weighs monetary policy next week.

Tariffs are an ongoing focus of market attention this week. It's hard to know when the next tariff news will break and what it might be. The direction, toward a wider trade war, seems clear. On Tuesday, Trump lobbed another grenade into the markets by announcing plans to double tariffs on Canadian steel and aluminum to 50 percent. That came after the Canadian province of Ontario announced surcharges on electricity going into New York, Minnesota and Michigan in response to US tariffs. Trump later reversed himself on the additional Canadian tariffs after Ontario suspended the electricity surcharge. The dizzying pace of announcements and reversals is not sitting well.

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.