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In 2023, a single penthouse at 220 Central Park South sold for over $200 million — a price exceeding the gross domestic product of several small nations. What made the transaction remarkable was not only its scale, but its timing: the deal closed even as the Federal Reserve raised interest rates to a 22-year high, tightening credit conditions across virtually every segment of the American economy. For most homebuyers, rising rates translate directly into reduced purchasing po

I. Introduction: Global Interest Rates and Investment Shifts What happens in the U.S. economy doesn’t stay in the U.S. When interest rates rise, the effects ripple across the world, moving billions of dollars in investment around the world and changing opportunities in emerging markets like Southeast Asia. In fact, in 2025, foreign direct investment (FDI) into developing Asia fell by about 12%, as higher global interest rates and stronger U.S. returns pulled capital away from