On the impact of quantitative easing, I guess the capital markets need to settle and all of the consumption. As this extra money is injected into the market, it will still have that impact that will take 18 to 24 months to trickle to the market.
By doing quantitative tightening, they're sending it higher but, at the same time, trying to pull it back down. It's a pretty dangerous game for them to play. You'd rather do this over a long time when you have the situation and these circumstances. Now they're gambling whether or not they need to and are risking over-tightening or doing too many movements at the same time.
Instead of looking where they're going, they're just looking at their skates and trying to control where they go after that.