BlackRock: The Fed won't cut rates as much as markets expect this year
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The Federal Reserve will not cut interest rates this year as much as markets expect because "embedded inflation" is too high, Larry Fink, CEO of Blackrock, the world's largest asset manager, told a conference call yesterday in Saudi Arabia, writes CNBC. Fink thinks the U.S. central bank will only cut rates one more time in 2024, compared to the two cuts the other panelists had estimated. "I think it's fair to say that we will have at least a 25 (basis point) reduction. That being said, I think
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