Bloomberg Talks BlackRock Global Fixed Income CIO Rick Rieder Talks Jobs Report, Fed Chair
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Jan 9, 2026 
Rick Rieder, BlackRock’s Chief Investment Officer of Global Fixed Income, shares intriguing insights on the latest jobs report, highlighting job growth in healthcare. He discusses how AI and automation are reshaping corporate cost structures and driving profits. Rieder also analyzes labor market trends, emphasizing the importance of housing in wealth and job creation. He touches on demographics, student debt, and the implications of a potential Supreme Court ruling on financial strategies, while clarifying his lack of interest in the Fed Chair position.
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Job Growth Masks A Productivity Shock
- U.S. job growth excluding healthcare has been negative over recent months, signaling structural labor shifts.
- Rick Rieder attributes this to a productivity revolution reducing labor demand despite robust economic growth.
Productivity Gains From Tech Are Broad
- AI, robotics and automation are accelerating productivity across logistics, inventory and receivables.
- Rieder says earnings are strong because companies cut costs using software and efficiency tools, which reduces jobs.
Use Fiscal Tools And Lower Long Rates
- Use fiscal policy and lower long-term rates to address structural labor and housing issues rather than relying solely on the Fed.
- Rieder recommends keeping longer-term rates down to lower mortgage costs and boost housing-driven labor mobility.