Jon Gray, the president of Blackstone Group, the world’s biggest alternative asset investment firm with $1 trillion under management, is watching for signs of an economic slowdown in the coming months, he told MarketWatch in an interview in late October.
Gray’s comments about the Federal Reserve’s battle with inflation and the likelihood of an economic slowdown as a byproduct of that contest were made days before last week’s reading of gross domestic product, a blockbuster report which showed that U.S. economy grew at an eye-watering 4.9% annualized pace in the third quarter, marking the most robust reading in years.
Gray, however, says don’t be fooled by all the signs of economic vitality, including the strength of GDP. MarketWatch’s Jeff Bartash writes that the economy grew at solid 2.5% pace right before the aforementioned Great Recession that ended in 2009, for example.
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