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Larry Fink expects US inflation to prove stubborn, but economic growth to get a boost if interest rates fall this year.The billionaire CEO of BlackRock, the world’s largest asset manager with $10 trillion under its control, recently told Fox Business that he doubts annualized price growth will slow to the Federal Reserve’s target rate of 2%.Headline inflation spiked to a 40-year high of over 9% in the summer of 2022, fueled by historic amounts of government spending and disruptions to global supply chains. It has dropped below 4% in recent months.”Inflation’s — in my mind — a little stickier at 3%,” Fink said.
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Rapid inflation has spurred the Fed to hike interest rates from nearly zero to over 5%. If it remains elevated, that could prevent the central bank from cutting rates as quickly as expecte …
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