Blackstone Group: US inflation has returned to the Fed's target

BlockBeats reported that on September 12, Michael Chae, chief financial officer of Blackstone Group, said the company was "cautiously optimistic about a soft landing in the United States," suggesting that the alternative asset management company is betting that the Federal Reserve's efforts to curb inflation will not trigger a U.S. recession.

Blackstone's own inflation measure shows that U.S. inflation has reached 1.7%, which excludes housing costs and adds other related indicators. Chae said this will enable the United States to "reach the Fed's inflation target."

Chae said data collected from Blackstone, the world's largest alternative asset management company, shows that the labor market has been softening. CEOs of Blackstone portfolio companies said in a June survey that they expect wage growth to slow next year. While "revenue growth is slowing" across Blackstone's global portfolio, these companies have shown "resilient profit margins."