BlackRock's Rick Rieder tells MarketWatch he likes buying commercial paper and T-bills because 'you're getting paid to be patient.'
Soon after March’s sudden bank failures startled markets, April kicked off with surprise oil-production cuts that left investors worried about potential ripple effects on still high inflation.
Crude prices CL00 CL.1 in the U.S. jumped Monday after OPEC+, a group of oil-producing countries including Saudi Arabia, surprised markets by announcing on Sunday plans to reduce production by more than one million barrels a day beginning in May until the end of 2023.Rieder worried that’s “inflationary” in the near term, with the potential to lead to higher prices for consumers at the gas pump and a pullback in their spending elsewhere in the economy.
In the U.S, “I think we’re going into a period where the economy is going to slow, he said. Against this backdrop, “I think they’re going to cut rates in 2024,” with a chance the Fed could begin doing so in December, said Rieder. “I quite frankly like buying commercial paper and T-bills,” he said. “In today’s environment, you’re getting paid to be patient,” Rieder said of the “attractive” income from short-term debt. In an economic slowdown, he questioned how fixed-income yields might stack up against equity returns in 2023.
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