BlackRock (BLK) CEO Larry Fink said on Friday that he believes the U.S. economy may already be in a recession or very close to one. Speaking with CNBC, Fink noted that economic conditions have weakened significantly, especially following President Trump’s recent announcement of widespread tariffs. Although the administration has paused some of those tariffs for 90 days, Fink warned that the uncertainty is still weighing heavily on the economy. And he is not alone. At a recent event, he said many CEOs also believe the country is likely already in a recession.
He explained that the pause doesn’t eliminate any worries. Instead, it just extends the uncertainty for a longer period of time, which may cause a broad slowdown across industries. Fink also mentioned that while economic indicators like jobs and retail sales are holding up, consumer and business confidence has declined. He also suspects that some of the recent retail strength might be temporary and possibly driven by people buying ahead of potential tariffs.
Nevertheless, despite his recession warning, Fink doesn’t think that the U.S. is headed for a financial crisis. He still sees long-term opportunities in industries like artificial intelligence. Separately, Blackrock reported earnings earlier today, which came in mixed. It is also worth noting that the firm saw $84 billion in net inflows in its most recent quarter and ended the period with $11.58 trillion in assets.
Is BLK Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BLK stock based on 13 Buys and two Holds assigned during the last three months. With that comes an average price target of $1,110.64, which represents 28.4% upside potential from current levels. However, estimates will likely change following today’s earnings report.
