BlackRock CEO Larry Fink: Inflation Will Likely Last 'Number of Years'

Appearing Thursday on Bloomberg Markets: The Close, BlackRock CEO Larry Fink predicted inflation will likely last a “number of years.”

A transcript is as follows:

DAVID WESTIN: The markets have had a rocky road so far this year. As you look forward, is their any real prospect it can recoup?

LARRY FINK: Probably not, totally. The market has recalibrated itself. We witnessed a change in policy from the Federal Reserve. We raised short rates. We have a recalibration of growth stocks, that’s principally the majority of the downfall. The index is masking some of the problem because some of the index are energy, commodity companies that are up quite a bit. If you look at the volatility in the market, it’s spread between winners and losers. It’s pretty broad this year. We’ve taken out a lot of those gains that we’ve seen during the COVID years and the two years we were changing our lives, and emphasizing different companies. Now, we’re seeing the reverse impact of that. That’s one of the foundations of it. But now, there’s great recognition that inflation is not transitory, it is probably with us for a number of years.