For the first time since 2006, the US Federal Reserve — the world’s most influential central bank — last December raised the federal funds rate target 25 basis points to the range of 0.25 percent to 0.50 percent. Probably the most-anticipated and discussed rate hike by a central bank in history, the move also set the Fed apart from other major central banks, which generally are holding or cutting rates, or conducting quantitative-easing programmes.

The US dollar has appreciated about 20 percent against other major currencies since mid-2014. Nevertheless, with other central bankers loosening and the Fed tightening up, an even stronger US dollar appears to be in the cards for 2016, with unavoidable ramifications for institutional property investors and money managers in Asia and across the globe.

While opinions are as numerous as experts and pundits, the rough consensus is the results of a higher rate and stronger dollar will be as follows for Asian institutional r