The world does not need to be in sync with the Fed

The equity market so far this year has rewarded domestically-oriented companies that are not weighed down with uncertainty around growth prospects. It has rejected companies either focused on growth outside the US, emphasised energy or resources as an end market, or just look like stable income producers.  The stronger US dollar has provided ample fodder for those worrying about slowing exports or translation of profits – and companies have not disappointed. The last two quarters have delivered worse-than-expected news about international business both due to currency and slower volumes....