blackstones byron wien on cnbc on friday projected that wall street will get hit by another correction before the bull run resumes and stocks end the year higher than current levels inflation will shoot up faster than most forecasts which will drive the federal reserve to tighten monetary policy and likely lead to a market selloff the closely followed strategist told cnbc friday maybe itll shrug it off but im worried that now is the time that you should apply some caution wien vice chairman of blackstone private wealth solutions told squawk on the street the market is very fully priced in my view and the dangers of higher interest rates are ahead of us if the fed were to hike rates from near zero covidera levels to tamp down the economy from overheating wien sees a 10 correction in the stock market a decline of 10 in the sp 500 would bring it down to about 3700 from thursdays record high close the broad market index was little changed midday friday i think we could see that maybe even something more but i think since the fundamentals are very strong i think the sp 500 could earn as much as 200 this year wien said so as a result of that i think the bull market will resume and i think well end the year higher than where we are right now in his annual list of ten surprises in 2021 wien said in january that after a correction the sp 500 could finish the year at 4500 which would be nearly 10 higher than thursdays close wien told cnbc that fridays higherthanexpected increase in march producer prices was a troubling indicator of rising inflation which could keep pushing bond yields higher the 10year treasury yield ticked higher friday but remained firmly below 17 and last months run of 14month highs the good news according to wien is the us economic recovery will be a longterm play that could last for several years if the 10year were to go to 3 that would still be a relatively low interest rate historically and if earnings continue to be strong and the virus continues to be under control i think after a correction the market can resume its upswing because this is going to be a long cycle he said i think investors are going to be willing to pay for that