BlackRock CEO Larry Fink spoke in New York City on April 7, 2025 at the New York Economic Club in New York City.
Spencer Platt | Getty Images
Black Rock CEO Larry Fink said Monday that many business leaders believe the US economy is already in a substantial recession.
“Most CEOs I talk about will probably say they’re in a recession right now,” Fink said at an event for the New York Economic Club.
“One CEO, who has a CEO, specifically states that the aviation industry is a canary in the mine, a proverb bird in the mine. And I was told that the canary is already sick,” Fink added.
Asset management executives also said they believe President Donald Trump’s tariff policies could put upward pressure on inflation and make it difficult for the Federal Reserve to cut interest rates.
“The concept is that the Federal Reserve will be eased four times this year, and I think there’s no chance of that. I’m much more worried than we can raise inflation that is much higher than today,” Fink said.
Pricing in the Fed fund futures market now suggests that traders are hoping that central banks will cut their benchmark interest rates by at least one percentage point by the end of the year.
As a company, BlackRock has more than $11 trillion in assets as of the end of 2024, spreading to public and private investment.
Fink’s comments aired on Bloomberg TV.
Get tickets to Pro Live
Join the New York Stock Exchange!
An uncertain market? Earn Edge with CNBC Pro Live, the first exclusive event on the historic New York Stock Exchange.
Access to expert insights is paramount in today’s dynamic financial situation. As a CNBC Pro subscriber, we recommend attending the first exclusive and in-person CNBC Pro live event held at the iconic NYSE on Thursday, June 12th.
Join the interactive professional clinic led by professional Carter Worth, Dan Niles and Dan Ives, along with a special edition of a professional talk with Tom Lee. You will also get the opportunity to network with CNBC experts, talent and other pro subscribers during exciting cocktail hours on the legendary trading floor. Tickets are limited!
