Global finance experts speaking at the 2016 ULI Fall Meeting in late October said institutional investors were preparing for an extended period of low interest rates and global volatility. However, U.S. presidential election results soon added another layer of complexity to the forecasts.

“The prevailing view is everything is fully priced and nothing is particularly cheap,” said Jack Chandler, managing director of global real estate firm BlackRock, during a panel on the future of global capitalization.

Jon Zehner, cohead of LaSalle Investment Management’s client capital group, told the group that most investors were assuming that interest rates would rise slowly, if at all, over the next few years. He revised those remarks after the election.

“The unanticipated U.S. election results have clearly changed the markets’ expectations around U.S. government spending and tax policy, with many investors anticipating that a President Trump will dramatically increase infrastructure spending and request significant tax cuts,” Zehner said.

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