BX · 10-Q · 2026Q3 · Full report

Macroeconomic Factors Impact

Blackstone Inc. · 2026-11-06 · Importance null · Surprise 24

Blackstone said its businesses are materially affected by financial-market and economic conditions in the U.S., Europe and Asia. In the third quarter of 2026, the 10-year U.S. Treasury yield rose 82 basis points to 5.28%, then declined to 4.91% as of November 2; U.S. CPI rose 3.7% year over year in September, while the Federal Reserve raised its target range to 3.75%–4.00% in September and held it steady in October. The Bank of England kept its rate at 3.75%, the European Central Bank raised its deposit rate 25 basis points to 2.50%, and the Bank of Japan raised its policy rate to 1.25% in September. Higher rates and geopolitical uncertainty contributed to equity volatility and weaker investor sentiment and transaction activity; U.S. IPO volume fell 46% year over year and announced M&A deal volume fell 18% in the third quarter, although management said a durable resolution to geopolitical conflicts and a more favorable rate environment could support stronger equity markets and transaction activity.

Key facts

• Higher base rates continued to affect the commercial real estate recovery; continued volatility could further pressure some holding values and likely continue to negatively affect transaction activity, including realizations. source
• Demand in sectors benefiting from heavy AI spending was driving robust growth in many areas, while elevated base rates and geopolitical turbulence were expected to continue contributing to equity-market volatility and negatively affecting investor sentiment. source
• West Texas Intermediate crude oil increased 30.1% quarter over quarter to $90.42 per barrel. source
• U.K. inflation increased to 3.5% year over year in September 2026 from 2.6% in June 2026. source
• U.S. wages increased 3.0% year over year in September 2026. source
• U.S. retail and food-services sales increased 6.3% year over year. source
• U.S. CPI increased 3.7% year over year in September 2026, compared with 3.5% growth in June 2026, remaining above the Federal Reserve’s 2% target amid persistently higher energy prices. source
• U.S. real GDP grew at an annualized 3.0% quarter over quarter, up from 2.2%. source