Shares of Blackstone (BX) are rising after the company posted its second quarter earnings, with the firm missing out on profit expectations but did increase the pace of investments.

Blackstone President & COO Jonathan Gray joins Wealth! to discuss the results and his view on the economy. Gray says the company "deployed a lot of capital" in the quarter noting that the firm tries to "invest before the 'all clear' sign, where we think you make the best investment decisions and get the highest returns, doing this early."

In an interview with Yahoo Finance, Chicago Federal Reserve President Austan Goolsbee didn't give a clear answer on when he thinks the Federal Reserve will start cutting rates, but that inflation is on a "golden path" to 2%.

Gray weighs in, saying "I do think that as the Fed cuts rates, as we move out of this tightening period, that will give investors more confidence. It will make the cost of debt capital lower, it will help transaction activity. I think it will help the IPO market. And I do think the Fed is getting more and more air cover to cut rates. The Fed's medicine is working. What we're seeing in the economy is a labor market that's not as tight as it was, certainly a year and two years ago."

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This post was written by Nicholas Jacobino