Highlights
Markets focused on whether US-Iran talks will proceed and what will happen as minutes tick down to expiration of ceasefire which President Trump says will end Wednesday"evening" US time. Talks not guaranteed to lead to any tangible result, as much as Trump says they will. Effectiveness of any tentative deal, especially if it involves Iran's nuclear program, hinges on mechanisms for implementation and verification. Those kinds of details are unlikely as part of last-minute accord, and details are not a strength of this administration. Markets care more now about reopening of the Strait of Hormuz, where talks are more likely to bear fruit. Benchmark oil futures prices today nearly flat as traders wait for news.
Separately, former Fed Governor Kevin Warsh is to testify on his nomination to the Fed board and as chair before the Senate Banking Committee at 10 am ET. That gives everyone a chance to hear his policy views. Recall that North Carolina's Republican senator, Thom Tillis, has pledged to block the Warsh nomination from moving out of committee for consideration by the full Senate until Trump's investigation and pending criminal charges against Fed Chair Jerome Powell go away. Trump has been doubling down on the charges, which suggests Warsh isn't getting Senate confirmation soon.
Definition
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.
Description
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.