U.S. equities and stock exchange traded funds were relatively flat Monday as investors continued to break down the Federal Reserve’s rate hike decision and looked to global events for their next cue.

The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were unchanged Monday.

Market momentum may be waning as investors grow weary over the lack of clarity on President Donald Trump’s promised policy changes and the Fed’s recent conservative rate guidance.

U.S. equities have been on a record run ever since the election after Trump promised to cut taxes, rollback regulations and enact trillions in fiscal spending. However, analysts now say Trump may be using up all his goodwill in trying to pass a Republican proposed healthcare bill to replace Obamacare, which may leave him with less support once he decides to push tax reforms.

“With tax reform and infrastructure spending getting pushed to the end of this year or even next year, it will eventually weigh on sentiment and business confidence,” Randy Frederick, vice president of trading and derivatives for Charles Schwab, told Reuters. “Eventually, the market will lose patience.”

Meanwhile, global market observers were analyzing a meeting of the Group of 20 industrialized and developing nations over the week after world leaders struggled to find common ground on trade policies, reports Riva Gold for the Wall Street Journal.

Many have been worried that the Trump administration’s protectionist stance would impede growth and hurt major U.S. trading partners.

Consequently, markets have slowed as investors wait on more definitive data or action.

“We’re past earnings season, the Fed’s [March meeting is] done, and all eyes are on the economic policies that will be making their way to the table,” Tom Manning, chief executive at F.L. Putnam Investment Management, told the WSJ. “While valuations are expensive here in the United States, if momentum on the economic and policy front is able to move forward, I think this market is going to move higher.”

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