Frances Stacy thinks asset prices will “drift higher” in the current market environment. However, she expects a credit cycle as liquidity falls – she notes “a big risk” in commercial real estate, for one. “The lower 60% of the economy is living paycheck to paycheck, and they’re mostly living on credit,” Frances says, “keeping the system on life support.” If there are more systemic cracks in credit, it could take other systems with it.