On a quiet day for scheduled US economic events, an appearance by St. Louis Fed President Alberto Musalem and Kansas City Fed President Jeffrey Schmid at 9:35 am ET will be a focus of interest. Musalem in particular has been relatively outspoken on the Fed's view of how tariffs are hitting inflation and the economy.The format is fireside chat so headlines will appear live, in succession.

Also at 10 am ET, the US new home sales report is due. The Econoday consensus looks for sales to drop to a 700K annual rate in April from 724K in May as mortgage rates remain high and consumers cautious.

In markets, US Treasury yields are down so far on Friday after rising again on Thursday. The dollar is off again after more relatively strong European data including better than expected UK retail sales and German GDP. Stocks appear better as risk appetite has revived somewhat in spite of House passage of President Trump's mega tax and spending bill.

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.