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Full interview with Blackstone's Byron Wien on why the market dipped, Trump

Blackstone's Byron Wien shared his thoughts on President Donald Trump's administration and the recent market decline in an interview Wednesday on CNBC's "Squawk on the Street."

On the market: "My view is that the market was due for a correction. The market had gone up almost every day since the election. ... And it was based on Trump being able to implement his pro-growth agenda. ... He said he could get growth from 2 percent, where it's been since the recession ended, to 4 percent. It now looks like he won't get to 3 percent. And 3 percent was what the market was counting on. And so, that's why the market is correcting. It's correcting because maybe Trump won't be as successful in implementing legislation as he promised," Wien said.

On whether the narrative he predicted for Trump in his surprises list is happening: "I would say it's not happening, but it will happen. I'm saying that it's on-the-job training for Donald Trump, and he's learning that he wasn't elected king, he was elected president, and he has to work with Congress to get his program through," Wien said.

On health care: "I definitely think that focusing on the Affordable Care Act first was a mistake. Obama made the same mistake. He focused on health care, and he should have been focusing on job creation after the recession of 2008-09," he added. "Trump should have focused on his economic program and put the Affordable Care Act on the back burner, but maybe circumstances dictated that he couldn't set the priorities that way. I definitely think it was a mistake, but it's been made, and now he has to deal with it."

Wien, a 50-year veteran of Wall Street, is vice chairman of multi-asset investing at Blackstone. Previously, he was chief U.S. investment strategist at Morgan Stanley. His annual 10 surprises prediction list is considered required reading by many on the Street.

He also discusses:

  • Deregulation
  • Economic growth
  • Interest rates
  • Tax reform
  • The budget deficit

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.