BlackRock CEO Larry Fink has warned that 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. Despite this, Fink believes the US is not in a financial crisis and expects “megatrends” like artificial intelligence to persist.
Fink’s comments come after BlackRock reported mixed first-quarter results, with adjusted earnings per share above expectations but revenue short of consensus estimates. The asset management giant saw $84 billion in net inflows during the quarter, and its shares rose 2.3% on Friday.
Fink expressed concerns that the uncertainty surrounding tariffs has led to a slowdown in consumer confidence, citing surveys showing weakening sentiment among consumers and business leaders. However, he noted that some economic data, such as job growth and retail sales, have held up better.
Fink also acknowledged that “megatrends” like artificial intelligence will continue to shape the economy, despite the current uncertainty. He stated that other CEOs believe the US is “probably in a recession,” but still sees no signs of a financial crisis.
The pause on reciprocal tariffs for 90 days may provide some temporary relief, but Fink warns that it has created longer and more elevated uncertainty. As a result, he expects a slowdown in economic growth until there is more certainty.
Source: https://www.cnbc.com/2025/04/11/blackrocks-larry-fink-says-us-is-very-close-to-a-recession-and-may-be-in-one-now.html