'I am not expecting a big recession in the United States,' Blackrock CEO Larry Fink told the broadcast hosts during his interview. Inflation Economics
on Friday by the hosts of CNBC’s “Squawk on the Street” and stated that he does not anticipate a major economic downturn in the country.
“I am not expecting a big recession in the [United States],” Fink told the broadcast hosts. He also emphasized that the significant fiscal stimulus injected into the country needs to be “offset.” While acknowledging that some sectors of the economy are “weakening,” Fink stated that “other sectors, because of these tremendous fiscal stimuli, are going to offset some of that.” The Blackrock executive also discussed inflation, emphasizing that he believes it “is going to be stickier for longer. In other words, I think we’re going to have a 4ish floor in inflation.”
Regarding a possible recession in 2023, he stated that he is “not sure we’re going to have a recession” and suggested it might occur in 2024. Fink also bewilderment at the reaction to the fall of Silvergate Bank, Silicon Valley Bank, and Signature Bank.This is not a systemic problem, this is not a problem that’s going to have impact. As we saw today we had our big banks having great quarters … performing really well. So I think this is just an example of, you know, when the sea or the tide goes out, some people are going to be left there.
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