BlackRock CEO Larry Fink believes that the U.S. economy is on the brink of a recession, citing weakening sentiment and uncertainty caused by President Trump’s tariffs. Fink expects a slowdown in growth until there is more certainty in the economy, despite Trump’s decision to pause some tariffs for 90 days. While consumer and business surveys have shown weakening sentiment, economic data like job growth and retail sales remain relatively strong. Fink suggests that consumers may have stocked up on goods before the tariffs, masking underlying weakness in the economy.
BlackRock recently released its first-quarter financial results, reporting mixed results. The company exceeded Wall Street analysts’ expectations for adjusted earnings per share but fell short on revenue. Despite this, BlackRock saw $84 billion in net inflows during the quarter and ended March with nearly $11.6 trillion under management. Fink noted that uncertainty and anxiety about the future of the markets and economy are dominating client conversations. Shares of the firm were up slightly in morning trading following the release of the financial results. Fink’s comments add to growing concerns about the state of the U.S. economy and its potential for a recession in the near future.
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