"Dramatically" high valuations in stocks and real estate will come down once the Fed abandons easy monetary policy, a private equity manager said Thursday.
"I do think as interest rates go up you're going to see a correction," Marc Utay, managing partner at Clarion Capital, told CNBC's "Power Lunch."
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Utay said he believes the central bank's bond-buying programs in the wake of the 2008 financial crisis pushed both equities and real estate to inflated levels. Wall Street has watched the Fed closely as a hike from near-zero interest rates looms.