US consumer price index figures due at 8:30 am ET are the intense market focus today. After the shockingly weak employment and purchasing managers data published in the last two weeks, this inflation report will be a significant piece of information for the Federal Reserve to consider when it meets in September. The weak data has bolstered expectations for rate cuts in September and October, along with dovish comments from Fed board members.

The Econoday consensus looks for July CPI up 0.2 percent overall and up 0.3 percent excluding food and energy, with total CPI up 2.8 percent and 3.0 percent on year. Those readings excluding food and energy, the so-called core, will be scrutinized for signs that tariffs on imported goods are increasingly showing up in prices for consumer goods. Given all the weak data lately and rate cut expectations, markets appear vulnerable in the event of an upside inflation surprise. The challenge for the Fed is how to respond if the economy continues to weaken and inflation moves higher.

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.