I think we will see an interesting year in 2015 as far as central bank policy action is concerned. With the RBNZ already announcing an interest rate increase, the BoE still considering it and others either acting or ‘threatening’ an increase 2015 may see plenty of volatility related to central bank action and inaction.
I don’t think they will be able to stomach any serious decline in equities. The only thing that will bring meaningful tightening is a rising CPI.
I think we may see a lot more talk, but not sure if we get too much action. The RBNZ said they would hike and I believe they will. The ECB is likely to roll out there bond buying program while the Bank of England will jump back and forth debating when/if to hike. I do think the Fed will talk the most and not act at all when it comes to interest rates.