BlackRock CEO Larry Fink is about to sound the alarm on the strong US dollar
In a report on Monday, The Financial Times' Stephen Foley writes that Fink will express his concerns about how the strong dollar could be undermining business confidence in the US, potentially sending the world's largest economy into a slowdown, as part of a foreword to BlackRock's annual report, due out next week.
From Foley's report:
"While the US economy as a whole is not overly exposed to exports, many of our largest and most influential companies are," Mr Fink has written.
"We believe that this will lead to an erosion in confidence on the part of CEOs with the potential to slow both investment decisions and future growth in the US."
Foley notes that these comments "stand in contrast" to Fink's earlier statements about the state of global markets and economy, which Foley characterized as "sanguine."
This report comes as markets were higher on Monday, though investors were still working to digest the latest jobs report, which missed expectations as the US added 126,000 jobs last month, well below expectations for job gains of 245,000.
Since last summer, the broad trade-weighted US dollar is up about 25% against other major currencies, the dollar's biggest rally in decades.
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Read the full report at FT.com here »