“I’m not calling for stagflation, but do I see persistence in inflation? Yes,” BlackRock Inc. CEO Larry Fink said.
BlackRock Inc. CEO Larry Fink shared a cloudier view on climate change efforts and inflation than Bank of America Corp. CEO Brian Moynihan at a virtual industry gathering on Tuesday.
Fink said the push by public companies to become more green has resulted in private companies simply buying dirty businesses from them. The amount of net amount of pollution being produced hasn’t fallen significantly. Both public and private companies and emerging countries need to be part of the solution, he said.
In terms of the economy, Fink said he’s optimistic about the amount of money sitting on the sidelines, aggressive monetary policy by central banks and the prospect of additional fiscal stimulus from Congress. But he said inflation won’t be transitory, as some pundits have said. Meanwhile, Bank of America CEO Moynihan said he is confident the economy will grow at rate of about 5%-plus this year, and around that level in 2022, fueled by a double-digit rise in consumer spending. Countries more impacted by COVID-19 will see lower growth, however. Read more about the impact of COVID-19 in MarketWatch’s “Coronarivus Update” column.
Bank of America has seen about 100,000 of its employees, or a little less than half its workforce, return to the office with the benefit of the COVID-19 vaccine.
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