Wednesday's focus is the Federal Reserve monetary policy announcement at 2 pm ET followed by Fed Chair Jerome Powell's press conference, which is likely to be more interesting, at 2:30 pm ET.

No one expects any interest rate change from the Fed, perhaps especially in light of pressure from President Trump to cut rates. As no one can tell what Trump will do next on tariffs and as the economic data are only starting to register the impact of Trump's trade war, Powell is expected to say the Fed remains well positioned to wait for clarity. In connection with the Fed's immediate priorities as the tariff shock plays out, Powell said, our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. And Fed Governor Waller said the 90-day pause in Trump's reciprocal tariffs suggests it will be late summer before the impact become clear.

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.