Even so, the Fed will almost certainly leave its key rate unchanged at about 4.3% when it meets Tuesday and Wednesday. Powell and many of the other 18 officials that sit on the Fed’s rate-setting committee have said they want to see how Trump’s tariffs affect the economy before making any moves.

Wall Street's main indexes fell on Monday after U.S. President Donald Trump rekindled worries about the fallout of a global trade war by introducing new tariffs, while focus remained on the Federal Reserve's monetary policy decision later this week.

Investors kickoff the week awaiting more developments on President Trump’s trade deals and the decision on interest rates by the Federal Reserve out Wednesday. Optimism is improving after the S&P 500 notched the longest winning streak in 20 years last week.