Black rock The CEO Larry Fink told CNBC on Friday that he believes that the US economy has weakened to the possible growth point that becomes negative.
“I think we are very close, if not, a recession now,” Fink in “Squawk on the street.”
The fears of an economic deceleration have increased abruptly since President Donald Trump revealed generalized tariffs last week, which caused a massive sale in the stock market. Trump announced on Wednesday that he was stopping some of those import levies for 90 days, but do not move in the leg and to restore confidence in the economy, Fink said.
“I think you are going to see, in all areas, just a slowdown until there is more certainty. And now we have a 90 -day break in reciprocal rates, that means a longer and more elevated uncertainty,” Fink said.
Consumer and business leaders surveys have shown a woven feeling in recent months. However, other economic data such as the growth of employment and retail sales have remained better. Fink said consumers may have been supplying in goods before threatened tariffs, which could be masking some underlying economic weakness.
Despite his concerns, Fink said he did not believe that the United States was in a financial crisis and hopes that the “megatrendas” in the economy as artificial intelligence would persist.
In an event for the New York economic club on Monday, Fink said that other CEO also thinks that the United States is “probably in a recession.”
Fink’s latest comments are produced after Blackrock announced his financial results of the first quarter. In a press release on Friday morning, CEO commented that “uncertainty and anxiety about the future of markets and the economy are dominating customer conversations.”
Larry Fink, Blackrock CEO, talks to David Faber and Jim Cramer in “Squawk on the street” in the New York Stock Exchange Duration Morning Trading on April 11, 2025 in New York City.
Michael M. Santiago | Getty Images News | Getty images
The financial results of the asset management giant were mixed. Blackrock reported $ 11.30 in Action -adjusted profits for the first quarter, above the $ 10.14 expected by Wall Street analysts, according to LSEG. However, $ 5.28 billion in revenues were not below the consensus estimate of $ 5.34 billion.
In the front of the assets, Blackrock reported $ 84 billion in net tickets of the quarter and finished March with almost $ 11.58 billion under administration.
The firm’s actions increased 2.3% on Friday.
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