Recently, Blackstone Group’s Chief Financial Officer Michael Chae stated that the US inflation rate has returned to levels near the Federal Reserve's set target, at 1.7%. This metric, calculated by removing housing costs and incorporating other relevant factors, suggests that the US economy is closer to achieving a stable and gentle growth path. Chae emphasized that this outcome reflects Blackstone's cautious optimism about the US economy's ability to achieve a 'soft landing', which involves restraining inflation without risking a recession. Blackstone's data indicates that the labor market conditions are changing, with its internal survey revealing that the CEOs of Blackstone's portfolio companies generally anticipate a slowdown in wage growth next year. Although the trend of revenue growth within Blackstone's global portfolio is flattening, these businesses have shown resilience in their profit margins, indicating that economic activity, while slowing, remains stable. In light of this, Blackstone believes, based on its own data and analysis, that the current economic environment provides favorable conditions for the US economy to achieve a soft landing. It also cautions the market to keep an eye on the dynamics of the labor market and changes in wage growth trends.