Overnight, the Bank of Japan will choose whether to take the first step in unraveling a policy that has kept Japan's interest rates near zero for five years. Global bond markets have sold off in anticipation of the move for several weeks, putting pressure on stock and commodity markets the world over. The trend continued in commodities Wednesday, most notably gold and silver, while U.S. stock averages overcame early weakness and the Treasury market ended mixed. Recent nervousness that has hit financial markets stems from the realization that, should the BOJ make a move, all of the world's key central banks will now be in tightening mode. That would reduce the liquidity that has become the trademark of global financial markets in recent years. The European Central Bank lifted its key rate to 2.5% last week and ECB officials have been signaling more rate hikes are on the way as eurozone economies, and inflationary pressures, are showing signs of life. As for the Federal Reserve, the market fully expects it to deliver another rate hike on March 28, which would take the fed funds rate to 4.75%. The market is also pricing in 90% odds that the rate will reach 5% in May and has started to price in odds, currently at 8%, of another hike to 5.25% by the end of June. Speaking on Tuesday, Chicago Fed President William Poole confirmed that rates would have to rise further. Stocks still recovered from earlier weakness, helped in part by a further drop in crude oil prices. The Dow Jones Industrial Average recovered from a 55-point drop to close up 25 points, or 0.2%, to 11,005. The S&P 500 also rose 0.2% to 1278. The Street celebrated the first day of trading of the NYSE Group ( NYX), which soared 25%.