Update from Jon Gray: Inflation in the Rearview Mirror

Despite inflation slowing, we believe the Fed is unlikely to lower rates as quickly as the market predicts. Looking forward, “it’s really about the cost of capital and the availability of capital, and what that will mean for the economy,” says Blackstone President Jon Gray in his latest quarterly update. Jon discusses the implications of recent turbulence in the banking system, why we believe private credit is in a “golden moment,” and why much of the real estate landscape is healthier than some observers suggest.