WASHINGTON — As an uptick in the number of coronavirus infections outside China sent markets swooning on Monday, attention quickly turned to how the Federal Reserve and the United States government would assess — and even address — the economic fallout.

The Fed cut interest rates three times in 2019 to insulate the economy against uncertainty stemming from President Trump’s trade war and slowing global growth. Central bank officials have been clear that they expect to leave interest rates unchanged now unless inflation jumps — potentially causing them to lift rates — or risks upend their outlook for stable growth, prompting them to cut.

The question now is whether the new coronavirus represents such a threat. Fed officials have been unwilling to declare it a reason to move yet. But even as they strike a wait-and-see pose, markets are increasingly betting that global economic and market fallout from the disease will push the central bank to lower borrowing costs.

Markets on Monday had priced in a 75 percent chance of a rate cut as of the Fed’s June meeting, based on a CME Group tracker. The chance of a move that soon was priced at less than 50 percent a week ago.