Investors need to brace themselves. The volatility that has whipsawed both stock and bond markets isn’t over yet, according to a panel of experts at Standard & Poor’s. Investors are worrying about everything from a bear market to an outright recession, and the Federal Reserve’s latest statement did little to calm nerves. ‘What they’re worried about is importing some of that deflation that you might see in Europe into the U.S.,’ said Beth Ann Bovino, Chief U.S. Economist at S&P Ratings Services. ‘That’s their concern and that’s why they may want to wait a little longer.’ Bovino believes the Fed policy makers will raise rates again in March, but then take their time with any further moves. Investors meantime, are fearing the worst and rushing to get out of risky investments, both in the equity and fixed income markets. ‘Credit spreads have popped up, and that’s a signal that near term, the markets are expecting more pain ahead,’ said J.R. Reiger, Global Head of Fixed Income at S&P Dow Jones Indices.