The first reading on US consumer sentiment for July is due at 10 am ET this morning. The Econoday consensus sees a small uptick to 61.4 for the sentiment index from 60.7 in the final June report. The consensus also sees 1-year inflation expectations unchanged from the 5.0 percent registered in June. That is well down from the recent peak of 6.6 percent in May. Federal Reserve officials watch this report closely and presumably would prefer to see the number back down toward the 2.9 percent figure from July 2024.

Meanwhile, Fed Governor Christopher Waller raised eyebrows late Thursday with his strongest statement yet in support of a rate cut at the July FOMC meeting. After a series of more cautious comments from other Fed officials Thursday, Waller remains a distinct outlier within the FOMC, especially after Thursday's better than expected retail sales, Philly Fed manufacturing, and jobless claims data.

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.