WMT - BlackRock's $2.6 Trillion Asset Manager: 'On Aggregate The Economy Is In Good Shape' | Benzinga
BlackRock Inc's (NYSE:BLK) Rick Rieder is very optimistic about the current state of the U.S. economy.
The veteran investor’s view is that the U.S. has reached a new state of normal after several years of abnormalities following the COVID-19 pandemic and military conflict in Europe.
Rieder said he expects to see 4% nominal GDP growth this year.
GDP, which encompasses all goods and services produced in the U.S., increased at a 3.3% annualized rate in the fourth quarter of 2023. This exceeded Wall Street expectations of just 2%.
"If you get back to four, that’s what we’ve been used to for a couple of decades before massive monetary and fiscal stimulus," he said. " This means you can extinguish this constant talk of soft landing, hard landing. Economy’s not landing, it’s just we’re operating at a really good level."
Rieder’s prediction bodes well for the Biden administration ahead of the 2024 presidential election. Voters consistently rank the economy as a top issue.
The U.S. economy also grew ...