Inflation creating cost of living crisis in U.S. and Europe.
Tags: Federal Reserve
Interest rates could increase to 4 percent by December.
U.S. market has its worst week since mid-June.
Federal Reserve voted to raise interest rates on Wednesday.
Federal Reserve expected to raise key short-term interest rates again.
Stock market returned to its previous downward trajectory Thursday sliding roughly 3.3% across board.
Short-term borrowing rate now ranges from 1.5% to 1.75%, but could double by year’s end.