On a day with not much on the schedule, an interview with Chicago Fed President Austan Goolsbee on CNBC at 8:30 am ET may attract extra interest. Goolsbee is bound to be pressed for more on Fed Chair Jerome Powell's comments last week that US tariffs are bound to prove inflationary and will slow the economy. By how much? And he will be asked to respond to President Trump's evident threat issued on Thursday to remove Powell from his post.

Trump's latest attack on Powell and the Fed has renewed the sell America trade, with the dollar down to three-year lows on Monday and another stock and bond selloff under way. Goolsbee is likely to repeat the Fed's mantra: The Fed will make its policy decisions based on economic data, and independent central banks deliver the best results.

Separately, if President Trump makes trade news, it will overwhelm everything else. Weekend reports suggest no progress in deescalating the US-China trade war, which adds to a risky situation.

Meanwhile, markets are watching the unfolding US constitutional crisis over whether the Trump administration will implement court orders to return Kilmar Abrego Garcia, the man who was mistakenly deported to an El Salvador prison. Investors may be obliged to reckon with the possibility that the rule of law no longer obtains in the US.

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.