The Fed is dealing with competing macroeconomic forces that could tie its hands and leave Powell and the central bank behind the curve, JPMorgan said.

U.S. stock index futures fell on Monday after President Donald Trump reignited concerns about the effects of a global trade war by introducing new tariffs, while markets awaited the Federal Reserve's monetary policy decision this week.

Fed Chairman Jerome Powell will talk to reporters Wednesday as Trump deems him a “major loser” and a “total stiff.”