European stocks are expected to open sharply lower on Monday, following jitters in global markets over the more hawkish tone from the U.S. Federal Reserve last week.

London’s FTSE is seen opening 51 points lower 6,955, Germany’s DAX down 141 points at 15,290, France’s CAC 40 down 34 points at 6,528 and Italy’s FTSE MIB 341 points lower at 24,722, according to IG.

The decline forecast for European markets follows similar moves elsewhere overnight. U.S. stock futures slid early Monday morning after the Dow posted its worst week since October, while shares in Asia-Pacific dropped in Monday morning trade with Japan’s markets plummeting, where the Nikkei 225 plunged 4%.

The CBOE Volatility Index, or VIX, which represents the expected volatility of the U.S. stock market over the next 30 days, was up 16.6% Monday.

The moves come as investors continue to digest new economic projections from the Federal Reserve and worry that rate hikes could come sooner than expected.

Read more: The Fed will continue to dominate the market in the week ahead after sell-off

Last Wednesday, the Fed raised its inflation expectations and forecast rate hikes in 2023. St. Louis Fed President Jim Bullard said Friday on CNBC’s “Squawk Box” that it was natural for the central bank to tilt a little more “hawkish” and saw higher interest rates as soon as 2022

Investors await public appearances from Fed members on Monday for any further clues on the central bank’s monetary policy outlook.

Bullard and Dallas Fed President Robert Kaplan are set to speak virtually on the Official Monetary and Financial Institutions Forum panel at 9:00 a.m. ET. New York (2 p.m. London time). Fed President John Williams is expected to deliver remarks at a Midsize Bank Coalition of America event Monday afternoon.

There are no major earnings in Europe on Monday; data releases include German producer prices and U.K. retail sales for May and euro zone current account data for April.