The article examines how monetary conditions in different US asset markets affect asset prices. They introduce the concept of market leverage, which measures the average debt levels of asset holders in each market. The study shows that monetary conditions vary across asset markets, with looser conditions leading to higher asset prices. Over the years, US asset markets have experienced a relaxation in monetary conditions, driving up asset prices. The alignment of monetary conditions between real and financial asset markets suggests a potential increase in future asset price inflation.