Stock exchange traded funds followed the Dow’s 130-point move lower Monday before the Federal Reserve begins its two-day meeting to discuss the economy and monetary policy.

Also this week, markets will be monitoring meetings of the European Central Bank of G-20 political leaders. [ETFs in Risk-Off Mood]

On Wednesday, investors will get the Fed announcement followed by a press conference with Chairman Ben Bernanke.

“In recent speeches, various Fed officials have discussed further measures they might take to boost the economy,” said David Kelly, chief market strategist at JP Morgan Funds. “However, given the sharply diminishing returns and market distortions generated by their most recent moves and signs of economic resilience, they will likely pass on taking any further action at this point.”

Federal Reserve Bank of New York President William Dudley recently said the Fed wants to keep mortgage interest rates low and may do more to hold down borrowing costs, Bloomberg reported.