The drop in oil prices has: 1)  heightened deflation pressures in the EU and Japan,  2)  led to reduction in capital expenditures in the US that now threatens to soften economic growth and inflation in the US, and,  3)  caused some emerging markets to also be leery of the adverse growth effects if deflation becomes more pervasive.
2  BIS central bankers’ speeches  With these, the Fed may not tighten as previously expected, and even other central banks may ease further. If we add to these factors the unquenchable thirst for yield by investors, we can expect some capital flow volatility as market participants rebalance their portfolios.