WSJ's Take On the Week
BlackRock’s Rick Rieder on Bitcoin, the Fed and His Big Worry in 2024
Feb 15, 2024
Rick Rieder, Global asset allocation team leader at BlackRock, discusses his excitement about a return to normalcy in 2024, his hope for faster interest rate cuts by the Fed, his interest in bitcoin, and his big worry about the US national debt in the long term.
26:46
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Quick takeaways
- Rick Rieder predicts a return to normalcy in 2024 with strong economic growth and hopes for faster interest rate cuts by the Fed.
- Rieder believes the economy is less sensitive to interest rates now, with a majority being service-oriented, and suggests bringing rates down to help lower income individuals, local banks, and commercial real estate.
Deep dives
Normalcy in the Markets and Nominal GDP Growth
Rick Reader discusses how the world has reached a point of normalcy in the markets and predicts a nominal GDP growth of 4% this year, indicating a return to more typical levels. He notes that the economy is operating at a good level and that the direction is towards trend growth rather than a soft or hard landing. Reader believes that the economy is less sensitive to interest rates now, with a majority of it being service-oriented and not interest rate sensitive. He argues that the Fed should bring rates down to help lower income individuals, local banks, and commercial real estate.
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