This reaching for yield has driven up the prices of all long-term bonds to unsustainable levels, narrowed credit spreads on corporate bonds and emerging-market debt, raised the relative prices of commercial real estate, and pushed up the stock market’s price-earnings ratio to more than 25% higher than its historic average.
这一追求收益率的行为将长期债券价格推高至不可持续的水平，缩小了公司债券和新兴市场债务的信用利差，提升了商业地产的相对价格，也让股市市盈率增加到历史平均水平以上25%的程度。