Here's how BlackRock Inc., the world's largest asset manager, is bracing for the economic damage it expects to result from high interest rates.
Growth stocks may have led the early 2023 rally, but stubbornly high inflation means that won’t last.
That’s the main message from the BlackRock Investment Institute on Monday, as U.S. stocks attempted to bounce after cementing their worst weekly losses of the year last week and as robust economic data pointed to challenges ahead for the Federal Reserve as it works to bring the cost of living to heel.
BlackRock Inc. BLK is the world’s biggest asset manager, overseeing about $9 trillion globally. BlackRock Investment Institute is its research arm. With this backdrop, the BlackRock team expects higher rates to weigh on growth stocks RLG , reducing the value of future cash flows, but to bolster value stocks RUI , which “can resume their climb” started last year — even as rates increase, inflation stays elevated and the U.S. economy ends up in a recession.
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