“It does affect business fixed investment and economic growth if we see a continued downturn,” Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, told the WSJ.

Meanwhile, markets remain subdued ahead of the Federal Reserve announcement Wednesday, with options traders anticipating a 90% chance of a quarter point rate hike as inflation rises and labor markets strengthen.

“It’s a foregone conclusion that the Fed will raise rates, but there is an expectation that the central bank may raise their expectation from three hikes this year to four,” Michael Scanlon, portfolio manager at Manulife Asset Management, told Reuters.

Additionally, the election cycle across the Eurozone has also kept global markets on edge, with tomorrow’s election in the Netherlands revealing the state of populism in Europe as the race gains speed in France and Germany.

“Chances are we’re going to hear some pushback from Europe,” Jane Foley, currency strategist at Rabobank, told the WSJ.

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