Markets were mixed on Tuesday.
The S&P 500 fell 0.5 percent but the STOXX Europe 600 and the Nikkei 225 both rose 0.8 percent.
US Treasuries fell, with the yield on the 10-year note rising to 1.683 percent from 1.624 percent on Monday.
“The feeling in the overall market is that the Fed will raise rates sooner rather than later,” said Ted Weisberg, a trader at Seaport Securities.
Adding to concerns of diminishing monetary stimulus is a Bloomberg report that “the European Central Bank will probably gradually wind down bond purchases before the conclusion of quantitative easing, and may do so in steps of 10 billion euros ($11.2 billion) a month, according to euro-zone central-bank officials”.