Third, the Fed may actually exit zero rates too late and too slowly (its current plan would normalize rates to 4% only by 2018), thus causing another asset-price boom – and an eventual bust. Indeed, unconventional monetary policies in the US and other advanced economies have already led to massive asset-price reflation, which in due course could cause bubbles in real estate, credit, and equity markets.
第三，美联储实际上可能太迟太慢地退出零利率（根据当前计划，将在2018年将利率正常化至4%水平），从而导致新一轮资产价格繁荣以及最终的破灭。事实上，美国和其他发达经济体的非常规货币政策已经导致了大规模的资产价格再通胀，随时会引发房地产、信用、和股市泡沫。