BlackRock Inc Chief Executive Laurence Fink warned on Wednesday the U.S. regional banking sector remains at risk after the collapse of Silicon Valley Bank and that inflation will persist and rates would continue to rise.
Fink said that quick regulatory action helped stave off a wider crisis. He wrote that he expects a more divided world will interrupt supply chains and make inflation persistent and "more likely to stay closer to 3.5% or 4% in the next few years."Fink's annual letters to CEOs and investors, traditionally sent in January, have become a touchstone for corporate leaders as the New York firm he co-founded grew into the world's largest asset manager. It had $8.
He added that is "why BlackRock has been so vocal in recent years in advocating for disclosures and asking questions about how companies plan to navigate the energy transition," although it is not BlackRock's place to tell companies what to do.Fink said it was not clear yet whether the banking crisis precipitated by rising interest rates would claim more victims, but it seemed inevitable that some banks will now pull back on lending to shore up their balance sheets.
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