The downbeat mood followed Monday’s retreat on Wall Street, where the S&P 500 snapped a rare nine-day winning streak — its longest since 2004 — with a 0.6 percent drop.

Tariff-driven uncertainty has led consumers, businesses and even the Fed to adopt a wait-and-watch mode. The Fed starts its two-day meeting on Tuesday, with the central bank widely expected to stay put on interest rates. Comments from policymakers will be scrutinized for any clues hinting at where they stand on monetary policy easing this year.

Japanese Finance Minister Katsunobu Kato drew attention by mentioning that the country’s more than $1.1 trillion in U.S. Treasury bonds could potentially be a “card on the table” in negotiations with Washington over Trump’s steep tariffs on autos and other imports.