On the monetary policy front, in a situation where some people assume that the slack in the U.S. labor market has been considerably reduced or eliminated, the Federal Reserve has become more active in sending messages since the December FOMC meeting, indicating the possibility of accelerating the pace of interest rate hikes, depending on the contents of fiscal policy, because of concern about the economy overheating due to fiscal expansion.
Under these circumstances, among future risk factors is a change in the flow of funds in global financial markets driven by U.S. monetary policy, above all the possibility of an  1  outflow of funds from emerging economies.