BlackRock CEO Larry Fink expressed concern about the U.S. economy possibly heading towards a recession during an interview on CNBC. He mentioned that the recent tariffs imposed by President Donald Trump have increased economic uncertainty, leading to fears of a slowdown. While some economic indicators like job growth and retail sales have remained strong, Fink believes that consumer stockpiling ahead of tariffs may be masking underlying weaknesses. The CEO also noted that client conversations are dominated by uncertainty and anxiety about the future of the markets and the economy.
In BlackRock’s first-quarter financial results, the company reported $11.30 in adjusted earnings per share, higher than Wall Street expectations, but fell short on revenue at $5.28 billion. Despite this, the asset management giant saw $84 billion in net inflows during the quarter and ended with nearly $11.6 trillion under management.
Fink’s comments come at a time when surveys have shown weakening sentiment among consumers and business leaders. The CEO believes that until there is more certainty, there will be a general slowdown in the economy. The 90-day pause on some import levies announced by President Trump is not enough to restore confidence. Despite mixed financial results, BlackRock’s shares were up slightly in morning trading.
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