BlackRock's Larry Fink says U.S. is very close to a recession and may be in one now
BlackRock CEO Larry Fink told CNBC on Friday that he thinks the U.S. economy has weakened to the point of growth possibly turning negative.
BlackRock CEO Larry Fink told CNBC on Friday that he thinks the U.S. economy has weakened to the point of growth possibly turning negative.
“I think we’re very close, if not in, a recession now,” Fink said on “Squawk on the Street.”
Fears of an economic slowdown have risen sharply since President Donald Trump unveiled widespread tariffs last week, sparking a sell-off in the stock market. Trump on Wednesday announced that he was pausing some of those import levies for 90 days, but that move is not enough to restore confidence in the economy, Fink said.
“I think you’re going to see, across the board, just a slowdown until there’s more certainty. And we now have a 90-day on the reciprocal tariffs — that means longer, more elevated uncertainty,” Fink said Friday.
Surveys of consumers and business leaders have shown weakening sentiment in recent months. However, other pieces of economic data like job growth and retail sales have held up better. Fink said consumers may have been stock up on goods ahead of the threatened tariffs, which could be masking some underlying economic weakness.
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