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(jī)幾乎已經(jīng)過去10年了。大多數(shù)發(fā)達(dá)經(jīng)濟(jì)體，就算不能說強(qiáng)勁，也已經(jīng)實(shí)現(xiàn)平穩(wěn)，資產(chǎn)價(jià)格幾乎普遍較高。央行銀行家們或者威脅要上調(diào)政策利率，或者正在小幅上調(diào)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(shù)年乃至數(shù)十年以來，這是利率首次似乎有可能上升并持續(xù)上升。自6月底以來，債券市場一直在（緊張地）回應(yīng)這種可能性。股市也反映出改變后的預(yù)期。另一大資產(chǎn)類別——房地產(chǎn)一定也感受到了環(huán)境的變化。的確，房地產(chǎn)市場可能是這些市場中最脆弱的。