<p>Canyon Capital Advisors, a Los Angeles-based hedge fund set up Joshua Friedman and Mitchell Julis , said in a January letter to investors that a number of sectors would feel the effects of tightening financial conditions.</p>
<p>The Federal Reserve's easing program, called quantitative easing, "cushioned many companies from the impact of broader business conditions by extending them a lifeline of low cost financing," Canyon wrote. But this "volatility-suppressing effect" should recede with the program's end and the Fed's move to push up interest rates, the firm added.</p>