Schwarzman: Animal Spirits Driving Market Rally Despite Economic Warning Signs
• "Animal spirits" have returned to the stock market as investors irrationally await a Fed pivot on interest rates, says Blackstone's Steve Schwarzman
• Stocks rallied in late 2023 despite signs of a slowing economy
• Investors believe rates will fall soon, powering the market higher
• Schwarzman thinks the Fed will keep rates high until H2 2023 before lowering them
• He warns some investors are "overly enthusiastic" about the timing of rate cuts