Addressing the Economic Club of New York on Monday, Larry Fink, Chairman and CEO of BlackRock, cautioned that the US economy may already be in the grip of a recession. Citing feedback from industry leaders, Fink said signs of a slowdown are increasingly visible on the ground.”Most CEOs I talk to would say we are probably in a recession right now,” Fink was quoted as saying by Bloomberg. “One thing I would say for sure right now is the economy is weakening,” he added.
Fink’s remarks come amid rising global uncertainty, following US President Donald Trump’s threat to ramp up tariffs on Chinese imports by another 50% unless Beijing rolls back its retaliatory duties.
As head of the world’s largest asset management firm, Fink’s observations carry considerable influence in global financial circles. He also warned that the inflationary risks arising from the current trade policy stance could be far higher than what markets are currently factoring in.Looking ahead, Fink projected a weakening US dollar and urged the Trump administration to prioritise policies that stimulate growth. He also voiced concern over the waning notion of American exceptionalism, stating that the US — once seen as a stabilising force globally — may now be contributing to market and geopolitical instability.
Fink’s remarks come amid rising global uncertainty, following US President Donald Trump’s threat to ramp up tariffs on Chinese imports by another 50% unless Beijing rolls back its retaliatory duties.
As head of the world’s largest asset management firm, Fink’s observations carry considerable influence in global financial circles. He also warned that the inflationary risks arising from the current trade policy stance could be far higher than what markets are currently factoring in.Looking ahead, Fink projected a weakening US dollar and urged the Trump administration to prioritise policies that stimulate growth. He also voiced concern over the waning notion of American exceptionalism, stating that the US — once seen as a stabilising force globally — may now be contributing to market and geopolitical instability.
In a broader outlook, Fink painted a mixed picture of what lies ahead. He said the future could swing between an “economic renaissance” and a “significant recession”, depending on how policies unfold in the coming months.
While top financial institutions such as Goldman Sachs and JPMorgan have raised the odds of a US recession this year, none has officially stated that one has begun. However, Fink’s candid remarks reflect a growing unease within corporate America.
Meanwhile, markets responded with continued caution. Global financial indices fell further on Monday, oil prices dipped, and government bond yields slid — all indicators of increasing investor anxiety over a possible slowdown.
