Blackstone Group: U.S. inflation has returned to the Federal Reserve's target

Blackstone Group's Chief Financial Officer Michael Chae said that the company is "cautiously optimistic about a soft landing in the United States," indicating that this alternative asset management company bets that the Federal Reserve's efforts to curb inflation will not trigger a recession in the U.S. economy. Blackstone's own inflation measure shows that U.S. inflation has reached 1.7%, excluding housing costs and including other relevant indicators. Chae said this would make America "reach the Fed's inflation target." Data collected by Blackstone, one of the world’s largest alternative asset managers, indicates that labor market has been softening continuously. The CEO of Blackstone portfolio companies stated in a survey conducted in June that they expect wage growth to slow down next year. Although income growth across Blackstone’s global investment portfolio is “slowing down,” these businesses have shown “resilient profit margins.”