This chart shows the Morgan Stanley "Months to First Rate Hike" index for the US. Derived from futures, its shows when the first rate hike is priced in. Currently, the index sits at 6.5 months - that's around the end of April 2016. With significant deflationary pressures still coming through the system, low rates right across the curve seem here for a bit longer. That probably implies a near term benign equity environment.