One of the top executives at Blackstone Group, the world’s largest alternative asset manager, has warned that the recent sharp increase in long-term US government bonds yields will soon hit consumers and slow the economy.
Jonathan Gray, president of Blackstone, said in an interview with the Financial Times that the jump in 10-year Treasury yields would force consumers to tighten their belts.
“When 30-year mortgages and car loans cost you 8 per cent it will impact consumer behaviour,” said Gray. “Growth has been remarkably resilient, but if you keep policy this tight, this long, invariably you will cause the economy to slow down.”
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