The question of whether US forces will strike Iran hangs over markets Wednesday. That follows news Tuesday that President Trump is considering joining Israel's attacks on Iran and its nuclear facilities and as more US forces move into the region. Israel and Iran continued to exchange strikes overnight but there was no US attack yet. Meanwhile, Iran's leader, Ayatollah Ali Khameinai, warned the US of 'irreparable damage and all-out war in the region if the US joins the attacks.

Separately, the big scheduled macro news event Wednesday is the Federal Reserve policy announcement at 2 pm ET and Fed Chair Jerome Powell's press conference at 2:30 pm ET. Expectations call for no rate action. Attention will focus on any shift in the Fed's assessment of the outlook for policy and the economy. Given all the uncertainties, it will be hard for the Fed to have much visibility, and the situation in the Mideast just makes the outlook more opaque.

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.