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☆ BlackRock's Rick Rieder: The Fed will start cutting rates in the second half of 2024
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's Rick Rieder: The Fed will start cutting rates in the second half of 2024Rick Rieder, BlackRock senior managing director, and Rebecca Patterson, Council for Economic Education board chair, join CNBC's Deliver Alpha 2023 to talk the current rate hiking cycle, the state of the markets, what's ahead for the Federal Reserve and more.

Persons: Rick Rieder, Rebecca Patterson Organizations: BlackRock, Economic Education, CNBC's, Federal Reserve

☆ Watch CNBC's full interview with BlackRock's Rick Rieder
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with BlackRock's Rick RiederRick Rieder, BlackRock's chief investment officer of global fixed income, joins 'Closing Bell' to discuss the interest rate outlook, competition between bonds and stocks, and more.

Persons: BlackRock's Rick Rieder Rick Rieder

☆ The Fed should be done hiking rates, says BlackRock's Rick Rieder
▼ + stars: | 2023-09-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should be done hiking rates, says BlackRock's Rick RiederRick Rieder, BlackRock's chief investment officer of global fixed income, joins 'Closing Bell' to discuss the interest rate outlook, competition between bonds and stocks, and more.

Persons: Rick Rieder Rick Rieder

☆ BlackRock's Rieder thinks investors should believe the Fed that it's going to hike again
▼ + stars: | 2023-09-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

"You've got to take them at their word that they want to get another 25" basis points, said the asset management giant's CIO of global fixed income. BlackRock fixed income chief Rick Rieder thinks the Federal Reserve can stop raising interest rates, though it probably won't. The fed funds rate, used as a benchmark for many forms of short-term debt, currently is targeted in a range between 5.25%-5.50%. "I love commercial paper," Rieder said. Rieder said he expects the Fed to start cutting at some point, but probably not until the latter half of 2024.

Persons: You've, you've, Rieder, Rick Rieder, Rebecca Patterson, Ray Organizations: Alpha, BlackRock, Economic Education, Delivering Alpha, Council for Economic Education, Bridgewater Associates, AA, Fed Locations: BlackRock

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Pro Talks: BlackRock's Rick Rieder on what's worrying him most about the financial marketsCNBC'S Michael Santoli is joined by Rick Rieder, BlackRock's chief investment officer of global fixed income, at the 13th annual Delivering Alpha conference to discuss potential headwinds and tailwinds for investors for the last quarter of 2023.

Persons: Rick Rieder, Michael Santoli Organizations: Alpha

☆ July CPI report shows inflation gauge rose 3.2%, less than expected
▼ + stars: | 2023-08-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

watch nowThe consumer price index rose 3.2% from a year ago in July, a sign that inflation has lost at least some of its grip on the U.S. economy. Prices accelerated a seasonally adjusted 0.2% for the month, in line with the Dow Jones estimate, the Bureau of Labor Statistics reported Thursday. The annual rate for the core also was slightly below a Dow Jones consensus estimate for 4.8%. Markets reacted positively to the report, with futures tied to the Dow Jones Industrial Average up more than 200 points and Treasury yields mostly lower. Almost all of the monthly inflation increase came from shelter costs, which rose 0.4% and were up 7.7% from a year ago.

Persons: Dow Jones, Sung Won Sohn, Rick Rieder Organizations: of Labor Statistics, Dow Jones, Markets, Treasury, SS Economics, Loyola Marymount University, Federal, BLS, Federal Reserve, BlackRock Locations: U.S

☆ Following CPI report, the market has locked in on no more rate hikes from the Fed
▼ + stars: | 2023-08-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The market has its mind made up: July's tame inflation reading means no more interest rate hikes from the Federal Reserve. The "patience" reference goes to whether policymakers will be satisfied that inflation will come back to normal without any further rate increases, or if additional tightening is necessary. Following Thursday's release of the consumer price index , which showed a 12-month inflation rate of 3.2%, markets upped their bets that the Fed is staying put. The chance of any additional rate increases also declined, dropping to 27.3% for November and 24.1% for December, as of about 1:30 p.m. Thus, there was some caution from the CPI internals, and a stock market rally cooled Thursday afternoon as Wall Street digested the report.

Persons: Quincy Krosby, Bill Adams, Rick Rieder, Tom Lee, Bradley Saunders Organizations: Federal, LPL, of Labor Statistics, Fed, Comerica Bank, Market Committee, Capital Economics Locations: BlackRock

[1/3] Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report on Friday, slightly below expectations of 200,000 jobs. U.S. Treasury yields dropped after jobs data on Friday showed the U.S. economy added fewer jobs than expected in July, but investors hesitated to rule out further monetary tightening. Oil prices headed for a sixth straight weekly gain, driven by the prospect of reduced supply from Saudi Arabia and Russia. U.S. crude rose 1.4% to $82.69 per barrel and Brent was at $86.10, up 1.13% on the day.

Persons: Mike Segar, Rick Rieder, Randy Frederick, Charles Schwab, Frederick, Sterling, Fitch, Brent, Lawrence Delevingne, Amanda Cooper, Elizabeth Howcroft, Ankur Banerjee, Sruthi Shankar, Sharon Singleton, Nick Macfie, Diane Craft Organizations: Wall, New York Stock Exchange, REUTERS, Apple, Treasury, U.S ., Labor Department, Dow Jones, Nasdaq, FTSE, U.S . Federal, Bank of England, U.S . Treasury, Thomson Locations: Manhattan, New York City , New York, U.S, Austin , Texas, United States, Saudi Arabia, Russia, Boston, London

☆ July jobs report: U.S. payroll growth totaled 187,000, lower than expected
▼ + stars: | 2023-08-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

A more encompassing unemployment rate that includes discouraged workers and those holding part-time jobs for economic reasons fell to 6.7%, down 0.2 percentage point from June. The survey of households, which is used to calculate the unemployment rate, showed a more robust gain of 268,000. The unemployment rate for Blacks moved lower to 5.8% while the rate for adult women nudged higher to 2.7%. A 3.5% unemployment rate, you can't complain about that," said Satyam Panday, U.S. chief economist at S&P Global Ratings. This is a "really, really solid labor market," said Jonathan Stokoe, senior vice president at job placement firm Adecco.

Persons: Nonfarm, Dow Jones, Stocks, Satyam Panday, Jonathan Stokoe, Rick Rieder, Jerome Powell, Goldman Sachs Organizations: Labor Department, Federal Reserve, Dow Jones, Treasury, Blacks, Gross, Atlanta, Group, Fed, Bank of America Locations: U.S, BlackRock

☆ The Fed's obsession with 2% inflation could cost Americans their jobs
▼ + stars: | 2023-07-14 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Some economists think the central bank could wreck the job market if it sticks to that target. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Some economists fear that to lop a final percentage point off the inflation rate, the Fed will end up wrecking the jobs market. In 2023, that's not yet happened – with jobs numbers rising over the past six months and unemployment holding steady at under 4%, even though inflation has rapidly cooled. If Americans start losing their jobs, expect a lot more questioning of the hallowed 2% target.

Persons: Ben Bernanke's, it's, that's, BlackRock, Rick Rieder, Bloomberg's Organizations: Federal Reserve, Service, Fed Locations: Wall, Silicon

That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.

Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland

☆ New ETFs give income investors different ways to play volatile bond yields in the second half
▼ + stars: | 2023-07-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The Pimco Multisector Bond Active ETF (PYLD) launched in June, giving investors a way to follow one of the biggest names in fixed income during the volatile bond market. As the fixed income ETF market matures, major asset managers are trying their hand at multisector bond funds. Recent launches include Capital Group's U.S. Multisector Income ETF (CGMS) and BlackRock's Flexible Income ETF (BINC) , which is co-managed by Rick Rieder , the firm's chief investment officer for global fixed income. For financial advisors or investors who want to make investment decisions themselves, there are more targeted bond funds available. "There's a pretty long runway for investors to increase their allocation to fixed income.

Persons: Rick Rieder, Dan Ivascyn, Sonali Pier, D.J, Tierney, you've, Schwab, Schwab's Tierney Organizations: Treasury, Capital, Multisector, Pimco, CNBC, Schwab Asset Management, Fed Locations: Capital Group's, U.S, iShares

☆ These ETFs could be winners if the Federal Reserve skips a rate hike
▼ + stars: | 2023-06-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

But for investors worried that more Fed rate hikes in the coming months could tip the economy into recession, fixed income might be a more attractive bet. "Municipal bond issuers appear well poised to weather a possible recession in 2023/24. Bank of America has the equivalent of a buy rating on several municipal bond ETFs, including JPMorgan Ultra-Short Municipal Income ETF (JMST) and the iShares National Muni Bond ETF (MUB) . Some large funds that could fit that description include the iShares 3-7 Year Treasury Bond ETF (IEI) , the Schwab Intermediate-Term US Treasury ETF (SCHR) and the Vanguard Intermediate-Term Corporate Bond ETF (VCIT). The actively managed Flexible Income ETF (BINC) launched in May and has about $76 million in assets so far, according to FactSet.

Persons: Michelle Cluver, Andrew Slimmon, Slimmon, Russell, Jared Woodard, Woodard, Cluver, Rick Rieder Organizations: Federal, Global, Morgan Stanley Investment Management, RSP, Nasdaq, Bank of America, JPMorgan Ultra, Muni Bond ETF, Treasury Bond ETF, Treasury, BlackRock

☆ JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm
▼ + stars: | 2023-06-09 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

"This does remind me an awful lot of that March-to-June period in 2008," said Michele, rattling off the parallels. Last month, JPMorgan bought failed regional player First Republic; in March 2008, JPMorgan took over the investment bank Bear Stearns. Michele oversees more than $700 billion in assets for JPMorgan and is also global head of fixed income for the bank's asset management arm. The cycle coincides with the central bank's steps to rein in market liquidity through a process known as quantitative tightening. Brown | AFP | Getty Images"There are a lot of things that resonate with 2008" including overvalued real estate, he said.

Persons: Bob Michele, JPMorgan Chase, Michele, Jamie Dimon, Rick Rieder, Goldman Sachs, Jan Hatzius, Frederic J, Brown, Ribbing Organizations: & Commodities, JPMorgan, CNBC, First, Bear Stearns, Wall Street, Fed, AFP, Getty Locations: York, BlackRock, Downtown, Los Angeles , California, refinance

The number of unemployed people jumped by 440,000, the most since November 2010. Reuters Graphics Reuters GraphicsYet the rise in Black unemployment in particular is something critics of Fed policy have been concerned could be a leading-edge sign that the job market was turning sour. Fast initial job losses among Black workers are a feature of U.S. downturns and recessions. Reuters GraphicsDespite the outsized job gains, the details of the report may suggest a labor market "normalizing" after the disruptions of the pandemic. "The fact is that the labor market is still very tight, aided by shortfalls in some service sectors, as well as by historic demographic trends" like population aging, Rieder said.

Persons: Biden, Nick Bunker, Rick Rieder, Rieder, Howard Schneider, Paul Simao Organizations: U.S, Reuters Graphics Reuters, Bureau of Labor Statistics, Reuters, BlackRock, Thomson

☆ BlackRock’s bond guru has a new ETF aiming for a 7% yield
▼ + stars: | 2023-05-23 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

BlackRock's Flexible Income ETF (BINC) began trading Tuesday and is managed by Rick Rieder, the firm's chief investment officer of global fixed income. The actively managed fund has a net expense ratio of 0.40%. "For the average investor, it's pretty hard to differentiate in fixed income. The fund holds fixed income from multiple sectors, including high-yield bonds, European investment-grade debt and emerging market debt. The BlackRock Large Cap Value ETF (BLCV) is managed by Tony DeSpirito, the firm's global chief investment officer of fundamental equities.

Persons: Rick Rieder, Rieder, Rachel Aguirre, Tony DeSpirito Organizations: BlackRock, Federal Reserve Locations: U.S

☆ BlackRock bond chief Rieder says U.S. economy in 'much better shape’ than doomsayers say
▼ + stars: | 2023-05-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

NEW YORK — When the bond chief of the world's biggest asset manager looks at the U.S. right now, he sees a lot to like. A combination of resilient government, corporate and consumer spending, improving homebuilder data, $1.5 trillion in excess savings and low unemployment tell BlackRock's Rick Rieder that the American economy is faring better than many expected. "I think the U.S. economy's in much better shape than people give [it] credit" for, Rieder said Tuesday at an event at BlackRock's New York headquarters. Talk of a pending recession has been building as the impact of the Federal Reserve's interest rate increases ripple through the economy. "When people talk about, 'We're going to a recession or a deep recession,' it's pretty unusual [or] almost impossible when you have an unemployment rate of 3.4%," Rieder said.

☆ BlackRock org chart: The 150 most powerful people under CEO Larry Fink as succession planning looms
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Insider built an org chart showing the most senior executives under BlackRock CEO Larry Fink. To provide a window into the current power structure, Insider has mapped out the roughly 150 most senior BlackRock executives. This week, the firm overhauled its alternative-investments business and made changes to the makeup of its Aladdin business, two core BlackRock offerings. "We are spending a great deal of time at BlackRock getting the firm ready for when the founders are retiring. Investment stewardship head Joud Abdel Majeid and Willie Alford, Fink's new chief of staff, are among the executives who report to Fink.

☆ Bitcoin could rally 40% by the end of the year, according to a top blockchain founder
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah. And bitcoin is front-running this scenario, pointing to a future that is effectively a return to relatively low rates. A big reason why bitcoin has performed so well was that it was just really oversold during the collapse of FTX. In such a scenario, all assets would have a correlation of one with each other, including bitcoin and even gold. Big gold buyers like HSBC and JPMorgan have shunned business with Moscow — leaving billions of dollars worth of gold in need of new landing spots.

☆ Fed increases rates a quarter point and signals a potential end to hikes
▼ + stars: | 2023-05-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

In a unanimous decision widely expected by markets, the central bank's Federal Open Market Committee raised its benchmark borrowing rate by 0.25 percentage point. related investing news BlackRock’s Rieder highlights a fresh worry for investors beyond the Fed’s expected rate hike The increase takes the fed funds rate to a target range of 5%-5.25%, the highest since August 2007. The post-meeting statement had only offered some clarity on the future pace of rate hikes — and not by what it said but what it didn't say. Multiple officials have said rates probably will need to stay elevated even if the hikes are put on hold. Along with inflation, the Fed has had to deal with tumult in the banking industry that has seen three mid-size banks shuttered.

☆ After First Republic's rescue, economists predict further pain with a 'new era' of higher inflation
▼ + stars: | 2023-05-03 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Leah Millis | ReutersAfter the rescue of First Republic Bank by JPMorgan Chase over the weekend, leading economists predict a prolonged period of higher interest rates will expose further frailties in the banking sector, potentially compromising the capacity of central banks to rein in inflation. Almost 80% of chief economists surveyed said central banks face "a trade-off between managing inflation and maintaining financial sector stability," while a similar proportion expects central banks to struggle to reach their inflation targets. Yet several leading economists told a panel at the World Economic Forum Growth Summit in Geneva on Tuesday that higher inflation and greater financial instability are here to stay. That means inflation, the impulse of inflation will be higher." She added that it "defies logic" that as the industry tries to pivot rapidly to a higher interest rate environment, there won't be further casualties beyond SVB, Signature, Credit Suisse and First Republic.

☆ BlackRock’s Rieder highlights a fresh worry for investors beyond the Fed’s expected rate hike
▼ + stars: | 2023-05-02 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +3 min

BlackRock's Rick Rieder predicts the Federal Reserve will hike interest rates by a quarter point on Wednesday and then stop. Tuesday kicks off the Fed's two-day meeting, which will culminate in a rate decision announced at 2 p.m. The policy-setting Federal Open Market Committee has been hiking rates since March 2022 in a bid to cool higher prices. "I don't think there's tangible pressure on the U.S. economy," Rieder said. Rieder is confident in the overall market, but he is in the camp that "the economy can move into a technical recession."

☆ Russia’s battered wartime economy is still chugging along as it taps its wealth fund, raises taxes, and ramps up imports
▼ + stars: | 2023-05-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Shares of First Republic dropped more than 40% in pre-market trading today, while JPMorgan stock ticked 2.9% higher. Let's check in on Russia's wartime economy. To the surprise of many forecasters, Russia's economy has held up better than expected as it carries on into the second year of its war on Ukraine. And leaked documents, first reported by the Washington Post, suggest that Russia can fund its war for at least another year. Specifically, US intelligence says Moscow can rely on its sovereign wealth fund to help pay for its war efforts, as well as higher corporate taxes and ramped-up imports.

☆ BlackRock bond chief Rick Rieder manages $2.7 trillion and just took home a Morningstar award for best portfolio manager. He told us how he's investing as the economy fades.
▼ + stars: | 2023-04-28 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

As head of BlackRock's fixed income unit, Rick Rieder is responsible for $2.7 trillion. He told Insider he expects the recent banking crisis to slow the US economy by about 0.5% this year. Rick Rieder of BlackRock has long been one of the biggest names in the bond market, and now he's bringing home some hardware to back up his credentials. Rieder's flagship BlackRock Total Return Fund is still ahead of its competition this year, delivering a 4.4% return in a difficult bond market. Rieder said the US economy is still healthy, but he expects that strength to fade — and is adjusting his portfolios accordingly.

Paradoxically, however, in previous debt ceiling crises investors have sought protection from the economic risks of a default by piling into U.S. long-term Treasuries. "If you go through a debt ceiling crisis, it's a global crisis ... And the flight to quality ends up being in U.S. Treasuries," Rieder told Reuters in an interview. "The debt ceiling is certainly part of it," he said, adding other recent steps were an overall reduction of risk in the portfolio, including in credit. The U.S. House of Representatives will vote on a Republican bill to raise the U.S. government's $31.4 trillion debt ceiling and slash spending on Wednesday. "It's so hard to foresee how far down the road this debt ceiling is going to take us," Rieder said.

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