“I believe interest rates are going to be higher for longer…I believe inflation is going to be sticker for longer,” BlackRock Chairman and CEO Larry Fink said.
“‘I believe interest rates are going to be higher for longer…I believe inflation is going to be stickier for longer. In other words I think we’re going to have a 4%-ish floor on inflation.’”
In an interview with CNBC, Fink blamed geopolitical issues, with a decadeslong process of globalization giving way to “fragmentation.” “Much of this has to do with why I believe inflation to be higher. This might be the right outcome for national security, I’m not making a value judgment,” Fink said. But investors and policy makers have yet to grapple with the implications of the cost of such a shift, which is likely to make inflation stickier for longer, he said.
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