Research by Mark Zandi, the chief economist for Moody’s Analytics, showed earlier in the year (2) and again recently (3) that the top 10% of earners in the country are responsible for nearly 50% of all consumer spending. The data also show that the bottom 80% — those making under $175,000 a year — are merely keeping pace with inflation (4). He added that if those high-earners “turn more cautious” about spending, “the economy has a big problem.”One explanation for the mixed economic signals is that rising co ...

Core Insights - Blackstone Inc. reported stronger-than-expected third-quarter earnings, with distributable earnings of $1.52 per share, surpassing analyst expectations of $1.24 [1] - The company's quarterly revenue was $3.09 billion, slightly below consensus estimates of $3.2 billion [1] Financial Performance - Fee-related earnings increased by 26% year-over-year to $1.5 billion, equating to $1.20 per share [2] - The firm experienced $54.2 billion in quarterly inflows and $225.4 billion over the past twelve months, indicating strong investor interest in alternative assets [2] Assets Under Management - Total assets under management rose by 12% year-over-year to $1.24 trillion [3] - Fee-earning assets under management increased by 10% to $906.2 billion, supported by strong institutional demand and resilient fundraising across core investment areas [3]

In the meantime, Goldman Sachs is kicking off its 24th annual alternative summit today. Dignitaries from a wide range of industries will headline sessions at the event, including former Secretary of Defense General Lloyd Austin, former Treasury Secretary Steven Minutian, former UK Prime Minister Rishi Sunnac, Yale University professor of psychology Lorie Santos, and many other names. For more on that summit and the capital markets and much more, we want to bring in David Solomon.He of course is the chairman ...