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'We will see more Blackstone-type events' as Fed hikes rates -portfolio manager

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George Cipolloni, portfolio manager at Penn Mutual Asset Management, said the U.S. Federal Reserve's "sharp" interest rate increases have not "worked all the way through the economy yet" and expects to see "more Blackstone-type news events coming forward in the next year," after the alternative asset manager stemmed withdrawals from its $69 billion real estate income trust after receiving too many redemption requests.