BlackRock CEO Larry Fink believes that the U.S. economy is close to, if not already in, a recession due to uncertainties surrounding President Trump’s tariffs. Fink expressed concerns about a slowdown in economic growth until there is more certainty in the market. While consumer and business sentiment has been weakening, indicators such as job growth and retail sales have been relatively stable. Fink suggested that consumers may have been stockpiling goods ahead of tariff threats, masking underlying economic weakness.
BlackRock’s first-quarter financial results were mixed, with adjusted earnings per share exceeding expectations but revenue falling short. The company reported $84 billion in net inflows and ended the quarter with nearly $11.6 trillion under management. Fink highlighted that client conversations are dominated by uncertainty and anxiety about the future of the markets and the economy.
Despite the concerns raised by Fink, shares of BlackRock were up slightly in morning trading, suggesting a mixed response to the financial results and economic outlook. The comments from Fink add to the growing fears of an economic slowdown and recession as uncertainties in the market persist.
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