Policymakers have reduced the benchmark rate 100 basis points since the cutting cycle began in September, but chose to pause cuts in January. The market expects that pause to continue at the March meeting, which ends today (March 19). Even so, investors are eagerly awaiting commentary.

U.S. retail sales for February, data Fed officials will see before kicking off their two-day policy meeting on Tuesday, were weaker than expected.

So far, the Federal Reserve has avoided commenting on the increasingly uncertain outlook, but investors are waiting to see whether it changes its projections on Wednesday.