BlackRock CEO Fink says inflation remains sticky, expects at least two more Fed rate hikes

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 The Fed "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of Read this Term 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 Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term"

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

-

Fink was speaking at a Deutsche Bank financial services conference.