There’s a disconnect between modest economic growth and the roaring stock market, Blackstone Group Chairman and CEO Stephen Schwarzman told CNBC on Thursday.
“The economy is improving pretty modestly. I think there’s a lot of bullishness that feeds on itself,” he said in a “Squawk Box” interview. “The real world is moving ahead. But it’s not barreling ahead.”
Schwarzman added, “When you have an economy that grows at 2.5 percent, 2.75 percent, and a stock market that goes up 27 percent, seems somewhat disconnected.”
He won’t predict whether a correction in stocks is coming but did say that “it seems a low probability that markets continue going up at 27 percent.”