US retail sales is the top economic report scheduled for Wednesday as investors watch to see how consumers deal with a darkening economic picture. Forecasters say consumers rushed in March to buy ahead of tariff price increases, especially for autos and other durable goods. Falling consumer confidence argues for a more modest gain. Retail sales are seen up 1.4 percent in March on the month, up 0.4 percent excluding autos, and up 0.4 percent excluding autos and gas. The report is due at 8:30 am ET, with industrial production to follow at 9:15 am ET. Industrial production is expected lower by 0.2 percent for March as warmer weather dampened utilities, offset perhaps by a rush to stock inventories -- the same front-running of tariffs expected to lift retail sales.

Separately, the Bank of Canada policy announcement, due at 9:45 am ET, is expected to show the governing council kept rates on hold. That would follow 225 basis points in rate cuts over the last seven meetings. A strong minority view says the fallout from the trade war is bad enough that the BOC will cut rates again to cushion the tariff shock.

Fed Chair Jerome Powell's speech at 1:30 pm ET at the Economic Club of Chicago will be closely watched.

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.