Fed day arrives on Wednesday, the day investors almost uniformly expect the Fed to announce a 25 basis point rate cut to kick off a new round of rate cuts, with expectations increasingly reflecting the view that 25 basis point rate cuts are also likely in October and December. The news will break at 14:00 ET with release of the policy announcement and the Fed's latest economic projections in its dot plot. Then Fed Chair Jerome Powell faces the press at 14:30 for more comments on his thinking and that of his colleagues. The presence of newly-minted Fed Governor Stephen Miran, President Trump's choice, and the participation of Lisa Cook, who the president sought to remove, should not make any difference in the outcome of this meeting. Powell's most recent public comments suggested the Fed has shifted its focus decisively to head off accelerating weakness in the job market, a view that might argue for a front-loaded 50 bp rate cut.

Separately, the outcome of the Bank of Canada governing council meeting, to be announced at 9:45 am ET Wednesday, holds a lot more suspense. Market sentiment is split between no action and a 25 basis point rate cut, with the Econoday consensus seeing a rate cut. The BOC faces a close call as its core inflation measures remain stuck around an ugly 3 percent even as the job market stalls.

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.