US consumer prices will be the big scheduled macro news event due at 8:30 am ET Wednesday. Expectations call for total CPI up 0.2 percent and core up 0.3 percent on the month for May. CPI is seen up 2.5 percent on year and core is expected up 2.9 percent.

These calm CPI figures reflect the view that tariffs did not have much effect yet on consumer prices in May. If the impact on goods prices hits sooner, then look for a bigger gain. Note that forecasts for core CPI range from 0.0 percent to 0.5 percent in the Econoday survey.

Meanwhile, President Trump is saying the tentative trade framework agreement reached Tuesday between the US and China provides the US with access to Chinese rare earths and addresses visas for Chinese students in the US. It is not clear what else it does as other details were not reported but it does not appear to represent a breakthrough in the wider trade dispute. Officials from the two sides were to present the framework to presidents Xi and Trump for approval.

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.