BlackRock is the world’s largest asset manager.
CEO Larry Fink says the Federal Open Market Committee (FOMC) is not done raising rates:
- expects at least another 2 hikes, as many as 4!
- “The Fed is going to have to be more vigilant. The economy is more resilient than the market realizes”
- “I just don’t see evidence of a reduction in inflation “
Not expecting a recession:
- “I don’t see evidence that we’re going to have a hard landing”
- but there “pockets of problems” in the economy, for example the commercial real estate sector
On the debt limit show:
- the “drama” around raising the government’s borrowing limit had eroded trust in the dollar
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Fink was speaking at a Deutsche Bank financial services conference.