Blackrock CEO Larry Fink says most CEOs he talks to say the country is ‘already in recession,’ and that the 20% market drop in three days will have ‘potential ripple effects’ on clients, and added that he “still won’t rule out another 20% market decline.”
“Are we in a recession?” asked Bloomberg TV host Erik Shatzker.
“Most CEOs I talk to would say we are probably in a recession right now,” Fink replied, adding that the canary “is sick.”
“The economy is weakening as we speak,” Fink told Bloomberg TV, adding that US markets could drop further – and that 62% of Americans are exposed to equities. He also suggested that fed rate cuts are unlikely this year, and that a hike may actually be in store.