The market is wrong to expect Fed rate cuts anytime soon as inflation will persist, Blackstone president says

• The market is wrong to expect Fed rate cuts anytime soon, Blackstone's Jonathan Gray said.
• The Fed will likely pause rate hikes or tighten by another quarter-point, he told the Financial Times.
• Rates are likely to stay higher for longer due to sticky inflation, he added.

Despite what markets may currently signal, the Federal Reserve is unlikely to start easing interest rates anytime in the near future, Blackstone President Jonathan Gray said.

Instead, the central bank will probably keep rates at or near where they are now as inflation remains sticky, he told the Financial Times.