There were two overriding — and seemingly contradictory — sentiments at the fall Editorial Advisory Board meeting produced by Institutional Real Estate, Inc. (IREI). On the one hand, participants in the Sept. 3–5 gathering in Southern California exuded optimism about the global fiscal situation and its near-term outlook. On the other hand, there was clear concern about the Federal Reserve’s quantitative easing program, interest rates and cap rates. In particular, how the inevitable rise in interest rates will affect cap rates.