Is it Really the US Über Alles?

Some humble corners out in the frontiers are not buying it.

A not so humble (but relatively modestly valued) super power is not buying it either.

Even Europe has been grinding a moderate uptrend since December.

And then there’s the Modi-infused India.

If the Fed rolls over as expected I think a lot of this stuff is going to out-perform the US to a significant degree. There would be wild cards like Europe and Japan for currency reasons. Maybe Canada and Australia too. But the FM and EM world could catch a tail wind.

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