The head of Blackstone, the world’s largest alternative asset manager, has warned that investors are overestimating how quickly the US Federal Reserve will cut rates.
Jonathan Gray, Blackstone president, said that, while the Fed would probably hold off from further rate rises because of cooler inflation, financial markets have overpriced the odds of the central bank reducing the cost of borrowing.
“The Fed is likely to pause or maybe go 25 basis points higher from here, but I think they’re unlikely to pivot as quickly as the market is expecting,” he told the Financial Times in an interview.
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