Posted 2/1/2024, 11:30:00 AM
Blackstone CEO Tempers Economic Worries, Sees Path to Recovery by 2024
- U.S. national debt and budget deficits are at record highs, sparking concerns from Blackstone CEO Stephen Schwarzman about the economy's ability to handle "4 more years" of Biden
- However, Schwarzman says the current economic problems have been building for years and are on a "slow and steady path to recovery"
- Schwarzman is "optimistic for 2024," expecting interest rates to fall in 2H 2023 which will boost growth
- Blackstone's inflation measurement of 2% suggests the Federal Reserve's 6% estimate is too high in areas like rents
- If Blackstone's inflation read is right, it would allow Fed to cut rates by end of 2023, boosting Schwarzman’s economic outlook