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BlackRock's Larry Fink: Negative Rates 'Biggest Crisis' in the World

BlackRock's Larry Fink: Negative Rates 'Biggest Crisis' in the World

By    |   Thursday, 14 April 2016 11:00 AM


BlackRock Chairman and CEO Larry Fink said that global negative and low interest rates are "going to become the biggest crisis globally."

"We have become too dependent on central bankers" to boost the global economies, he told CNBC.

Fink also said the U.S. stock market should be higher by year-end than where it is now.

"I believe that after we who know the Republican candidate is and who the Democratic candidate is, you're going to hear great commentary about fiscal reform," he said.

"The major part of the rally is going to be when you are hearing government officials talking."

Fink spoke shortly after BlackRock, the world's largest asset manager, posted a 20 percent drop in first-quarter profit on Thursday amid a dramatic reversal in financial markets.

The New York-based company's net income fell to $657 million, or $3.92 per share, in the quarter, from $822 million, or $4.84 per share, a year earlier, Reuters reported.

BlackRock attracted total long-term net inflows of $36.08 billion in the quarterly period, down from $70.44 billion in the same quarter of 2015.

On an adjusted basis, BlackRock earned $4.25 per share, falling short of the average analyst estimate of $4.29, according to Thomson Reuters

(Newsmax wire services contributed to this report).

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BlackRock Chairman and CEO Larry Fink said that global negative and low interest rates are "going to become the biggest crisis globally."
blackrock, larry fink, stocks, rates
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2016-00-14
Thursday, 14 April 2016 11:00 AM
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