I think that depends on what the Fed does next.  If it continues to unwind QE, that means that equities and housing come back down, and bond yields slowly rise (presuming that the economy doesn&#x27;t fall apart too badly in the meantime).<p>If the Feds return to QE, stocks and real estate go up further.  I think stocks do so first, and real estate a bit more slowly.<p>And I think that what the Fed <i>wants</i> to do is unwind QE reasonably quickly, without causing the economy to tank (the real economy, not just the stock market).  The real question is, how rapidly can the Fed unwind QE without damaging the real economy?  Or can it unwind it at all?