Worried investors are contemplating an end of the central bank's quantitative easing program.

However, one analyst has detailed how the Federal Reserve may actually be set to increase QE.

"Developments in the inflation data make it worth considering, at least, the idea that the Fed could conceivably find itself pushed into increasing the pace of QE," Ian Shepherdson, chief economist at Pantheon Macroeconomic Advisors said in research note.