Giles Keating | Source | Managing Director at Werthstein Institute

In the U.S., the Fed has to change (monetary policy) now that inflation is taking off.

Shale is not going to be such a bottomless production pit this year.

In the U.S., three or four rate hikes is just not enough at a time when the ECB has said more or less definitely they are going to be terminating QE (quantitative easing) in September and even beginning to talk about rate rises.