The shaky ceasefire between Iran and Israel announced late Monday by President Trump remains the market focus Tuesday. Oil prices, the most sensitive market barometer, have extended Monday's declines, which suggests investors see the ceasefire holding, with the welcome prospect of de-escalation in the war and talks involving the US and Iran at a minimum.

As a kind of an afterthought, Federal Reserve Chair Jerome Powell is scheduled to begin the first of two days of testimony on Capitol Hill at 10 am ET. It is hard to imagine Powell has anything to add to his comments after the Fed rate decision last week as the level of uncertainty around the economic outlook continues to grow. Presumably he will be pressed on an apparent increasing split inside the FOMC over the prospect of rate cuts after dovish comments from the Fed's Waller and Bowman on Monday. Both seemed a lot more open to near-term rate cuts than Powell was during his last appearance. Powell and the FOMC majority are certainly unlikely to cave to pressure from President Trump to cut rates aggressively, immediately.

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.