The crisis is almost a decade past. Most developed economies are steady if not strong, and asset prices are almost universally high. Central bankers are either threatening to raise policy rates, or lifting them gently; either buying fewer bonds, or talking about selling some. For the first time in years or even decades it seems possible that interest rates might rise and keep right on rising. This is the possibility that the bond market has been responding to — nervously — since the end of June. The stock market has registered the changed expectations too. Real estate, the other great asset class, must also feel the changed environment. Indeed it might be the most vulnerable of all.
金融危機幾乎已經過去10年了。大多數發達經濟體，就算不能說強勁，也已經實現平穩，資產價格幾乎普遍較高。央行銀行家們或者威脅要上調政策利率，或者正在小幅上調政策利率；他們或者減少買入債券，或者正在討論賣掉一些債券。數年乃至數十年以來，這是利率首次似乎有可能上升並持續上升。自6月底以來，債券市場一直在（緊張地）回應這種可能性。股市也反映出改變後的預期。另一大資產類別——房地產一定也感受到了環境的變化。的確，房地產市場可能是這些市場中最脆弱的。