BlackRock bond chief Rick Rieder manages $2.7 trillion and just took home a Morningstar award for best portfolio manager. He told us how he's investing as the economy fades.
He told Insider he expects the recent banking crisis to slow the US economy by about 0.5% this year.Rick Rieder of BlackRock has long been one of the biggest names in the bond market, and now he's bringing home some hardware to back up his credentials., noting that he leads one of the best fixed-income teams in the industry, and praising his research and focus on investors.
Rieder said the US economy is still healthy, but he expects that strength to fade — and is adjusting his portfolios accordingly. He estimated that the banking crisis that broke out in March will reduce annual US GDP by about 0.5% this year, and its effects will become clearer in the second half of 2023. He says the economic drag will be even more severe if the Federal Reserve continues to raise interest rates.
"In equities we definitely moved to things like healthcare, defense, staples, much more of a defensive, less economically cyclical, less of a growth orientation," he said.
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