Bloomberg Talks BlackRock's Rick Rieder Talks Labor Market
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Nov 12, 2025 
Rick Rieder, the Chief Investment Officer for Global Fixed Income at BlackRock, shares his insights on the labor market's structural challenges driven by automation and AI. He discusses the effects of interest rates on hiring and job mobility, and whether tolerating inflation above 2% could support employment. Rieder also analyzes how mortgage rates impact shelter inflation and provides an investment outlook shaped by tech-driven productivity. His thoughts on market excesses and equity concentration offer a comprehensive view of the current economic landscape.
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Productivity Revolution Reduces Labor Demand
- Rick Rieder sees a structural productivity revolution driven by AI, robotics and automation that reduces labor demand.
- He argues this secular shift will make full employment a multi-year challenge.
Use Housing To Reignite Job Growth
- Lower mortgage rates can boost housing velocity, increase hiring and improve labor mobility.
- Policymakers should consider mortgage-driven housing activity to support employment and wealth building.
3% Inflation May Be Acceptable
- Rieder views a modestly higher inflation around 3% as tolerable given current dynamics and inflation expectations.
- He warns interest-rate tools have limited impact on sticky components like healthcare, education and insurance.