As a result, returns on assets are likely to decline compared to the recent past; with prices already widely believed to be in bubble territory, a downward correction seems likely. Whatever positive impact wealth effects have had on consumption and deleveraging cannot be expected to continue.
此外，长期保持低利率推高了资产价格，使它们背离基础经济表现。但尽管利率可能继续保持低位，但它们对资产价格的影响可能已无法持久。因此，资产回报相较于不久前可能出现下滑；资产价格已普遍认为存在泡沫，修正走势一触即发。财富效应对消费和去杠杆化的积极作用也不太可能维持。