In his 50 years on the job, BlackRock CEO Larry Fink has never seen so much fear from both consumers and businesses as he is now.
BlackRock's chairman, Chris Black, says the world economy is missing hope - an ingredient that he says is essential for any financial outlook.
Fink, speaking at the Berlin Global Dialogue Forum this week, said he was an 'optimist', a trait that the asset management firm holds at its core.
Fink feels that he's alone in his positive outlook, explaining that 't impact outlook in the long run: businesses adapt,' he reasoned.
He questioned why there was such a lack of hope in the market in a sector that appears to be built on optimism, he said.
In addition, Fink said, BlackRoc is the largest retirement manager in the world. YOLO spenders were propping up the U.S. economy, splurging the last of their Covid cash in a summer spree.
The Bank of America urged that consumers would have to be pushed to the 'point of pain' to stop contributing to price increases as the Fed tried to wrestle inflation under control.
The data for July may illustrate Siegel's point. Consumer spending rose 0.8% in July 2023, up from 0.6% the month before, according to the Bureau of Economic Analysis.
before the COVID pandemic, consumers were saving 35% of their disposable income - since then that has increased to 50%.
t provide more certainty and more hope, this is what causes recessions and this is what causes pull back, Fink said.
But just how far from the front Fink would like to lead his hopeful charge remains to be seen.
JPMorgan Chase CEO Jamie Dimon asked whether he would ever consider a bid for the White House.
'I'm too old,' he joked, reflecting on the age of president Biden, 80, and former president and election hopeful, 77-year-old Donald Trump.
Fink said he was confident the market would accept the company's offer and that it would be beneficial to investors.