Investors' old concerns returned on Thursday.
The US Federal Reserve (Fed) decided to raise interest rates by 50 basis points, the largest since 2000.
Expecting an even bigger one, markets posted their best daily gains in a long time following the announcement.
However, these could not be held on Thursday.
Gregory Bruner
Editor in Business.
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The Dow Jones index of standard values closed 3.7 percent lower at 32,998 points.
The broader S&P 500 fell 4.6 percent to 4146 points.
The Nasdaq index fell 5 percent to 12,318 points.
Fed Chair Jerome Powell ruled out a rate hike of 75 basis points for the foreseeable future.
In doing so, he provided clarity on the one hand, but on the other hand limited the central bank's range of instruments in the event of persistently high inflation.
American investors did not trust the Fed with a “soft landing”.
Previously, European bourses had followed America's soon after trading began on Wall Street.
The Dax opened 2.2 percent higher, picking up the momentum in American markets on Wednesday.
In the evening it closed again down 0.5 percent with 13,903 points.
The broader FAZ index fell by 1.3 percent to 2336 points.
The leading European index Euro Stoxx 50 lost 0.7 percent to 3696 points.
The bond markets also reacted to the Fed's monetary policy decisions with doubts on Thursday.
The yield on the ten-year Bund was still below 1 percent in the morning.
On Thursday evening it was 1.034 percent.
US Treasury bonds also reacted strongly.
The yield on 10-year US paper exceeded 3 percent.
In the case of bonds, rising yields are associated with falling prices.
The euro fell back towards $1.05 in the afternoon.
Oil limited initial gains.
A barrel of Brent crude oil from the North Sea cost $110.94 on Thursday afternoon, 0.7 percent more than the previous day.
Gold prices fell 0.2 percent to $1,878.25 an ounce.