So far, the Federal Reserve has avoided commenting on the increasingly uncertain outlook, but investors are waiting to see whether it changes its projections on Wednesday.

U.S. retail sales for February, data Fed officials will see before kicking off their two-day policy meeting on Tuesday, were weaker than expected.

Asian shares were mixed Wednesday ahead of a decision on interest rates by the U.S. Federal Reserve. U.S. futures edged higher while oil prices declined. Japan reported that it logged a trade surplus in February,