[Institution: Investors May Need to Prepare for a New Era of the Federal Reserve, Uncertainty and Volatility Could Intensify] According to a report by Golden Finance on June 17, Arif Husain, Global Head of Fixed Income at T. Rowe Price, wrote in a report that as the Federal Reserve considers reducing its balance sheet and scaling back forward guidance, investors 'may need to prepare for a different era of management, characterized by greater uncertainty and less constrained volatility.' Asset prices may become more sensitive to economic data and policy trends. 'As a result, strategies that benefited from the low volatility of the post-global financial crisis era may face increasing challenges in the coming years.' 'We believe that if the Federal Reserve attempts to reduce its balance sheet again, especially after the central bank concludes its latest round of quantitative tightening by the end of 2025, it may prompt the market to reassess long-standing expectations of declining volatility.' He wrote that volatility may first emerge in the rates market, then spread to the credit market, and eventually impact the equity market.