Boeing Co. is considering either suspending or cutting back production of the 737 MAX amid growing uncertainty over the troubled plane’s return to service and could disclose a decision as soon as Monday, according to people familiar with the matter.

Boeing management increasingly sees pausing production as the most viable among difficult options as the plane maker’s board began a meeting Sunday in Chicago, these people said. Support for halting production comes days after U.S. regulators warned the aerospace giant it had…

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