There are 'financial cracks from rapid rate hikes,' not a 2008-style banking crisis, says BlackRock, the world's largest asset manager.
That was BlackRock BLK, the world’s biggest asset manager, on Thursday warning investors not to count on cracks in the banking sector to spur central banks to cut rates “as they used to do in episodes of financial stress.”
That was BlackRock BLK , the world’s biggest asset manager, on Thursday warning investors not to count on cracks in the banking sector to spur central banks to cut rates “as they used to do in episodes of financial stress.” Even so, betting on central banks to abandon planned rate hikes would be “misguided,” the strategists wrote. Instead, they see more rate increases in the coming days as central banks “to try to rein in persistent inflation,” while regulators also offer support to the banking system, as needed.
The 2-year Treasury rate TMUBMUSD02Y was at 4.13% on Thursday, but off its 5.06% high a week ago. U.S. stocks ended higher Thursday after the First Republic rescue plan emerged. The Dow Jones Industrial Average DJIA is down 2.7% for the year, while the S&P 500 index SPX is up 3.1% and the Nasdaq Composite Index COMP is 12% higher in 2023, according to FactSet.
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