It's a steady, rather than explosive, expansion in the economy with the employment and wage data gradually picking up.

The U.S. economy is still in extremely good shape. They'll probably keep hiking rates, and that's going to support the dollar.

We'll be pleasantly surprised by Japan, we'll be pleasantly surprised by European data, so in a global equity portfolio, stay fully invested.

There's considerable nervousness about the direction of interest rates. After having such a strong run earlier, markets need some time to catch their breath.

Ending super-easy monetary policy is a big plus for the equity market because it means economic recovery is going to be sustained, the exit from deflation is for real, and the economy is becoming a more normal economy.

Looking back, there was a huge bubble. We don't have anything like those extreme valuations now.