another way of looking at it is saying efficient market hypothesis believes that collectively humans are perfect and make no mistakes... anybody thats been in a meeting at a big company knows that just cant be true.
Its all about perception. The market is efficient because it allows sellers to sell and buyers to buy, so market puts out a price based on buyers and sellers. People may have their own views on price based on bias, technicals and fundamentals and economics. BUT, the market knows none of that, all it knows is that there are buyers and sellers and that is the the PRICE.
for decades investors have pursued strategies whereby they can take advantage of stocks which are incorrectly priced due to not having responded immediately to information that is available. The reason for this is that many investors who achieve abnormal returns (returns greater than those of the market) do so by exploiting these kinds of anomalies to the EMH (Hirschey & Nofsinger, 2010). This can only be done for a limited period as these anomalies tend to be removed from the market once information regarding them has been published (Schwert, 2003).
I think a US rate hike will have huge repercussions for all markets. There are a lot of share buybacks on borrowed money and thus not reflecting the true value of share prices. Then there is the global debt crisis with combined 200 trillion dollars of debt worldwide. So from now on to 2020 will be a hell of a ride...my humble opinion.