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Global Outlook Amid 'Modestly Rising' Rates

That being said, Lazard Asset Management's Jay Leupp points out that rate-hike profiles and outlook "vary very much by country and region."

By Paul Bubny | paulbubny | Updated on September 07, 2017

Photo of Jay Leupp “Over the very long term, REITs are no more or less harmed by interest rate hikes than the broader equity markets,” says Leupp.

SAN FRANCISCO—The Federal Reserve’s continuing caution about increasing short-term interest rates, combined with Wednesday’s news that vice chairman Stanley Fischer will soon depart from the nation’s central bank, mean that central-bank activity remains top of mind for commercial real estate investors domestically. How about globally? GlobeSt.com asked Jay Leupp, managing director and senior portfolio manager at Lazard Asset Management, for his take on the investment outlook in a rising-rate environment. An edited version of that conversation appears below:

GlobeSt.com: The Federal Reserve’s general stance on raising short-term interest rates is familiar to US investors. What is the outlook in terms of rates rising globally?

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