The era of the US Federal Reserve setting the pace for global interest rates may be nearing its end, Viktor Shvets, global strategist at Macquarie said, adding that the world is entering a far more fragmented and unpredictable phase where inflation and rates may no longer move in sync across nations. "For decades, the US was exceptional, it had the unique ability to grow labour, capital and productivity all at once, backed by strong institutions, deep liquidity, and the power of the dollar,” Shvets told Moneycontrol on April 30, “But that world is changing."