Tightening party: Will global capital glut blunt central bank tightening measures?
Perhaps the first caution flags were raised in September 2017, when the US Federal Reserve announced it would start to sell its US$4.5 trillion hoard of Treasuries and mortgage-backed securities acquired during the Great Recession, also known as the global financial crisis. For denizens of the institutional real estate scene, especially in the Asia Pacific, the Federal Reserve’s resolve has been the topic of nearly daily commentary.