The market is set for the Fed.. A hot week for burning markets. Powell will speak

Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech at the Economic Club in Chicago on Wednesday.

Powell previously warned on April 4 that Trump's tariffs are "larger than expected" and could lead to higher inflation and slower growth.

However, he noted at the time that it is still very early to determine what the correct response to the tariffs should be. Investors are looking to the Fed to provide some reassurance that it is ready to intervene to calm market sentiment if the tariffs lead to further rounds of severe pressure in the market, while Trump himself has urged the central bank to cut interest rates.

Crucially, analysts noted that Powell's upcoming statement will be the first since Trump revealed a partial 90-day delay on his sweeping tariffs last week following a massive bout of turmoil in the stock and bond markets.