Federal Reserve announced on Jan 30 that it will gradually reduce the scale of debt purchase and the emerging markets were highly affected by it. U.S. stocks fell sharply 4 days later due to the economic slowdown in emerging markets as they were panic of the recent slump. ANBOUND research team highlighted that no country can manipulate monetary policy by disregarding the external environment. Fed's policy should not ignore the changes of economic condition in the emerging markets. Generally, U.S market will not be exempted from the impact of any extreme QE withdrawal.