Federal Reserve speakers are on the schedule today as markets consider what the latest weak economic reports mean for Fed policy. Fed Governor Lisa Cook and Boston Fed President Susan Collins are appearing at 2 pm ET and San Francisco Fed President Mary Daly is scheduled at 3:10 pm ET. Daly told Reuters Tuesday that the time is approaching for the Fed to cut rates and suggested two rate cuts this year looks appropriate. That sounded more dovish than Daly has been recently.

Markets are pricing in close to a 90 percent chance of a 25 basis point rate cut in September and a 60 percent chance of another 25 basis points in October. Those odds are up significantly since Friday's shockingly bad jobs report and after the two weak US purchasing managers reports this week covering manufacturing and services.

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.