Larry Fink, the CEO of BlackRock, is a renowned figure on Wall Street, but he has never seen as fearful from both consumers and businesses as he has at the moment.
BlackRock's chairman, Robert Black, said the global economy is missing hope - an ingredient that he says is essential for any financial outlook.
Fink said he was an 'optimist', a trait that the asset management firm holds at its core.
Fink feels he's alone in his positive outlook, explaining: t impact outlook in the long term.
Fink said that BlackRock is the largest retirement manager globally. YOLO spendingers were propping up the U.S. economy, splurging the last of their COVID cash in a summer spree.
Bank of America warned that consumers would have to be pushed to the 'point of pain' to stop contributing to price increases as the Fed attempted to wrestle inflation under control.
The latest 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.
The COVID pandemic was a year ago when consumers were saving about 35% of their disposable income-and since then that has increased to 50%.
'T provide more certainty and more hope, this is what causes recessions, this is what causes pullback,' said Fink.
But just how far from the front Fink would like to lead his hopeful charge remains to be seen.
He was asked by Wall Street peers, JPMorgan Chase CEO Jamie Dimon, whether or not he would ever consider a bid for the White House.
I am too young,' he joked, a reflection on the age of president Biden, 80, and former president and election hopeful, 77-year-old Donald Trump.
Fink said it was not clear whether he would be willing to return to his position.