SHANGHAI, Jun 15 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar edged higher against a basket of currencies on Tuesday, to scale a fresh two-decade high, as traders braced for an aggressive rate hike from the U.S. Federal Reserve this week to try to curb inflation.

Rising expectations that the Fed will raise interest rates by more than previously forecast unsettled investors on Monday and sent the S&P 500 tumbling to confirm a bear market and intensifying fears over the economic outlook.

There is a nearly 90% expectation for a 75 basis-point increase at the conclusion of a two-day Fed meeting on Wednesday, according to Refinitiv’s Fedwatch Tool.

Stock futures rose slightly in overnight trading Tuesday as investors anxiously awaited the Federal Reserve’s aggressive action to tame surging inflation.

Futures on the Dow Jones Industrial Average gained 70 points. S&P 500 futures edged up 0.3% and Nasdaq 100 futures rose 0.4%.

The S&P 500 suffered a five-day losing streak on Tuesday, dipping deeper into bear market territory. The equity benchmark has fallen more than 4% this week already and is now off over 22% from its all-time time hit in early January. The blue-chip Dow slid about 150 points Tuesday, also falling for a fifth straight day Tuesday. The Nasdaq Composite ended Tuesday slightly higher.

Natural gas prices plunged on Tuesday, after Freeport LNG said its facility that had a fire last week likely won’t be back up and running soon.

U.S. natural gas fell about 16% to $7.22 per million British thermal units (MMBtu).

Gold gave up small gains in range-bound trading on Tuesday as the dollar resumed its climb and hit a 20-year high, eroding bullion’s safe-haven appeal on investor bets of aggressive rate hikes by the U.S. Federal Reserve.

Spot gold fell 0.4% to $1,811.59 per ounce by 1:54 p.m. EDT, while U.S. gold futures settled down 1% at $1,813.50.

The pan-European Stoxx 600 dropped 1.2% by the close, having initially climbed 1% at the start of the session. Retail stocks fell 2% to lead losses while banks added 1.3%.

Global stock markets were sent reeling on Monday, with investors reacting to the potential for more aggressive rate hikes by central banks in Europe and the United States after the latest inflation report.