The head of the world's largest money manager said it's unlikely the central bank will hit its 2% goal anytime soon.
BlackRock CEO Larry Fink expects the Fed to do some reductions this year, while it may have to concede that inflation will remain elevated.
DUBAI, UNITED ARAB EMIRATES - DECEMBER 04: Larry Fink, CEO of Blackrock, speaks at a roundtable discussion titled: "Financing the New Climate Economy," during which he described the urgent need for a "new financial landscape" for funding investments into the global energy transition on day five of the UNFCCC COP28 Climate Conference at Expo City Dubai on December 04, 2023 in Dubai, United Arab Emirates.
"When everybody said we're going to have six cuts earlier this year, from noted economists, I said maybe two," Fink said during an interview on CNBC's "since hot inflation readings became prevalent this year. Fed officials have expressed reluctance to start cutting until they see more convincing evidence that the pace of price increases is heading back to target.
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