High Pitch Sound and "try slow down or shift up" message
 

I drive a Volvo S60 with approximately 140,000 miles. Has run smoothly throughout my usage. Several days ago, there developed a high pitched sound which appears to be coming from engine. Sound diminishes when engine is accelerated. Occurs whether sitting in driveway or driving car.

Applied v belt dressing to rule that out. Someone suggested it could be water pump?

I just had a new message appear about an hour ago that never appeared before. The message is one I've seen referred to before on this forum..
"try slow down or shift up". With this message came rough engine and an inability to accelerate beyond a slow speed, concern that car would stall.

NOW I HAVE TWO ISSUES.....The high pitch sound continues but now I have this new message and the rough running engine, little power when attempting to accelerate. When attempting to accelerate, feels like something is blocking exhaust.

Help! Any suggestions appreciated.

I would have the transmission check YESTERDAY. The high pitched sound could be something in the transmission going bad, especially the message which could be indicating that the car is not shifting to the proper gear. You may be able to save it by getting it check out now vs later.

Another thing, if you have not had your timing belt rollers replaced, they could be going bad.

Do not assume that these problems are related.

+1 on the timing belt i would have this check ASAP. A timing belt failure = $1000s. Most times its the idler pulley or tensioner not the belt thats fails.
.I would Also find a local Indy Volvo shop or even a dealer and have the codes read. This will give a much better idea of whats going on with the car. Most dealers do not charge for reading the codes but if they do its worth the $ .