Published On: Sun, Jul 18th, 2021

Top Wall Street Executives Say Inflation Could Be Worse Than Predicted

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Two of Wall Street’s top CEOs have differing views on inflation, but both diverge from the Federal Reserve’s predictions that price increases are transitory and will fade once supply shocks and other pressures ease. Larry Fink, chairman and CEO of BlackRock, the world’s largest asset manager, is convinced that inflation isn’t temporary, as he believes deglobalization will lead to “systematically more inflation” in the future. “It is my view that inflation is going to be more systematical,” Fink told CNBC on July 14. “I believe it is a fundamental, foundational change in how we navigate economic policy.” The focus that shifted from globalization to national security during the Trump administration will continue, according to Fink. “Post-World War II, our economic policy was based on consumerism,” he said, adding that this policy enabled Americans to buy cheaper goods. “In the last five years, we’ve navigated away from that foundational belief, and now we are …

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