High-level trade talks between the US and China resume today in London as each accuses the other side of violating their tentative trade agreement struck in Geneva. Investors will be watching for signs of progress. The US is pressing in particular for China to ease restrictions on exports of critical rare earths. For its part, China appears to focus on US limits on chip exports.

In US macroeconomic news Monday, the sleeper event will be release at 11 am ET of the New York Fed's survey of nationwide consumer inflation expectations. The Federal Reserve has stated its obsession with inflation expectations as it weighs the outlook for policy. The NY Fed survey of consumers covers May so it is not as timely as the higher-profile University of Michigan survey that already released May results which reflect the unfortunate effects of the trade war.

Inflation expectations in the Fed survey have not been moving as dramatically as in the Michigan report. The Fed's 1-year inflation expectations were reported flat at 3.6 percent in April from March and 3-year expectations rose to 3.2 percent in April from 3.0 percent in March. In the Michigan survey, 1-year expectations rose to a horrifying 6.6 percent in May from 6.5 percent in April and 5.0 percent in March. Michigan 5-year expectations were reported at 4.2 percent in May versus 4.4 percent in April.

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.