With the Mideast crisis temporarily in abeyance and Federal Reserve Chair Jerome Powell's two-day appearance past, attention returns to President Trump's big tax, spending and immigration bill, pending in the Senate after a separate version passed the House.

The bill contains an extension to the federal debt limit and its passage would remove for now that looming concern for markets. The Treasury has been saying that without an extension, the US will run out of money to pay its bills and meet its debt obligations sometime in August or September. The bill keeps in place trillions in tax cuts while it slashes spending on social programs and increases spending on the military and immigration enforcement.

Senate Majority Leader John Thune wants his chamber to vote on a substantially-altered version of the bill by the end of this week. A big question is whether the bill in its Senate form or something like it will be acceptable back on the House side.

Market concern about trillions in additional federal borrowing expected to flow from the bill have been eclipsed lately by the spectacle of the Mideast conflict and the fate of Iran's nuclear program. Assuming the bill passes and the debt limit issue goes away, there is no question the bond vigilantes are saddling up and ready to ride.

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.