Shares eased from record peaks on Tuesday as optimism about a global economic recovery was dented by caution before a policy decision by the U.S. Federal Reserve and earnings updates from a number of blue-chip companies.

MSCI’s gauge of stocks across the globe (.MIWD00000PUS) shed 0.11%.

The world index has risen 9% so far this year, underpinned by expectations that rising COVID-19 vaccination rates will allow more economies to recover and give a big boost to company profits.

Earnings in Europe are expected to have risen 61% in the first quarter, while U.S. profits are seen up more than 31%, according to the latest Refinitiv IBES estimates.

Many investors, however, stayed on the sidelines ahead of the Fed meeting which ends on Wednesday, when the U.S. central bank is expected to confirm that it will maintain its easy monetary policy to bolster the economy.

One area of concern was India, which is struggling with surging coronavirus…

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