BlackRock CEO says shares may prolong fall by 20%, financial system most likely in recession

By Tatiana Bautzer and Ross Kerber

(Reuters) – BlackRock (BLK) CEO Larry Fink on Monday stated inventory markets may prolong their decline by 20% because the U.S. imposes steep tariffs, noting the financial system might be already in a recession.

Talking on the Financial Membership of New York, Fink expressed fear that there’s far more inflationary strain than the market expects.

However the chief of the world’s largest asset supervisor stated the latest market declines are “extra of a shopping for alternative than a promoting alternative,” in the long term, and didn’t pose systemic dangers.

(Reporting by Ross Kerber and Tatiana Bautzer, modifying by Lananh Nguyen)