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.
金融危机几乎已经过去10年了。大多数发达manbetx20客户端下载 体，就算不能说强劲，也已经实现平稳，资产价格几乎普遍较高。央行银行家们或者威胁要上调政策利率，或者正在小幅上调政策利率；他们或者减少买入债券，或者正在讨论卖掉一些债券。数年乃至数十年以来，这是利率首次似乎有可能上升并持续上升。自6月底以来，债券市场一直在（紧张地）回应这种可能性。股市也反映出改变后的预期。另一大资产类别——房地产一定也感受到了环境的变化。的确，房地产市场可能是这些市场中最脆弱的。