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BlackRock CEO Fink Says Economy Stronger Than Most Think

via Bloomberg Television
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BlackRock CEO Larry Fink expressed optimism about the U.S. economy, stating that it is stronger than perceived despite the rise in the consumer price index.

He believes the economy is in a good position and could strengthen further with potential interest rate easings.

Fink highlighted innovation and talent scarcity as driving forces, while also noting the impact of declining energy prices on inflation. (Trending: 2024 Miss America Winner Crowned)

Fink said, “the U.S. economy is stronger than most people think.”

“The economy is in a very good position and is going to get stronger if there are two to three [interest rate] easings this year,” he continued.

“The innovation, the ingenuity is propelling this economy into a very good position,” said Fink.

“Importantly, companies are having difficultly finding good talent. I don’t think there is much of a debate here,” he added.

“One of the fundamental reasons inflation is coming down is we have seen a dramatic decline in energy prices. We have had OPEC reduce their prices three times; they are having a hard time keeping prices at $80 a barrel,” highlighted the CEO.

Additionally, he emphasized the positive impact of higher wages on the economy.

“We have witnessed very large increases in minimum wages. Many organizations have raised wages above minimum wages,” said Fink.

“If someone was being paid $10 an hour, and now they are being paid $20 an hour, all that money is being put back into the economy,” he continued.

“It’s not like someone who is earning lots of money and doesn’t have to spend any more money into the economy. We have a far stronger economy than some people believe,” he added.

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