Most important global stock indices fell Tuesday, and the yield on two-year U.S. Treasury bonds rose to its highest in nearly 15 years. Investors are preparing for the Federal Reserve to raise rates again by 75 basis points.

On the global market, all indexes are in trouble

The Fed will announce its decision Wednesday after its two-day monetary policy meeting. Federal funds rate futures market traders estimate an 81% chance that the U.S. central bank will raise rates by 75 basis points. The probability of a larger hike, by 100 basis points, is estimated at 19%.

Central banks in Britain, Norway, Switzerland and Japan will also hold monetary policy meetings this week.

Sweden’s central bank unexpectedly raised interest rates Tuesday by a full percentage point, to 1.75%, and warned that it will keep raising rates for the next six months.

The yield on two-year U.S. government bonds, which are very sensitive to changes in monetary policy expectations, reached 3.992% on Tuesday, just short of 4%. The last time they were above 4% was in October 2007.

The yield on 10-year Treasury securities was up to 3.604%, but then fell to 3.569%. On Monday, those bond yields rose above 3.5% for the first time in 11 years.

The Fed and other banks are aggressively tightening monetary policy to curb inflation, but investors are concerned about the impact high rates could have on the global economy.

Earlier, we reported that Asia-Pacific stock exchanges are rising following the U.S. indices.