Since the GFC in 2008, the US Fed has kept the benchmark interest rate at extremely low level for over 7 years. As a result, stock markets in US have had a good bull run. Likewise for Singapore local market. S-REITs rised to its post-GFC peak in early 2013.( Note that it is still lower than pre-GFC high level). S-REITs has since then retreated, and started to rise again in 2014 until now. (See the following chart: FTSE REIT index in blue color. STI in brown.) The main driving factor for the S-REITs' price volatility since May 2013 is the speculation and materialization of Fed's QE Tapering off and interest rate normalization. Fed had officially ended QE in Dec 2014, and is generally expected to begin interest rate upward cycle no later than 3Q 2015 With this impending major policy shift, what will happen to S-REITs in 2015? So far, with stellar results in many ......