Stocks, houses, and commercial real estate are all expensive – and prices are under 'notable' pressure, Fed economists say

• Stocks, houses, and commercial real estate look expensive to the Fed's economists.
• The central bank's staffers said valuations are stretched and under "notable" pressure.
• They issued a positive outlook for the US economy, but flagged risks to the financial system.

Stocks, houses, and commercial property look expensive — and there's a significant risk their values could fall, the Federal Reserve's economists said.