Blackstone CEO Stephen Schwarzman said Tuesday that stocks look slightly overvalued as low interest rates give them a lift.
"If you have interest rates where they are then you will prop up all asset classes. So it's a little expensive for my taste," he said Tuesday at the Delivering Alpha conference sponsored by CNBC and Institutional Investor.
The Federal Reserve has held interest rates low for a decade, and only in December hiked from near-zero levels. Speculation has mounted whether the U.S. central bank will boost the federal funds rate at its meeting later this month.
Schwarzman said Fed policymakers may act soon, joking they could raise rates just because they are "bored."
"They'll probably start later this year," he said, adding that a hike will "move markets."