BlackRock CIO of Global Fixed Income Rick Rieder says that he sees a &quot;productivity revolution&quot; in US, calling it &quot;an ethos around companies growing their business and seeing how you can operate without that much employment,&quot; while speaking exclusively with Bloomberg News&#x27; Dani Burger and Michael McKee on Open Interest. Rieder also cautioned against a potential rate hike by the Fed and said that all markets are reflecting large supply from the AI hyperscalers.<br>See omnystudio.com/listener for privacy information.

BlackRock CIO Talks Job Report, Rates, Bonds

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[SPEAKER_06] Joining us now is BlackRock Chief Investment Officer of Global Fixed Income, Rick Reeder. So Rick, the unemployment rate goes down, but a surprise contraction in jobs. Last time we spoke for last month, you said the employment picture is stable, broadly unimpressive. Has your assessment of this labor market changed since then with these numbers in hand?

[SPEAKER_05] No, broadly not impressive, I think is the right terminology. In fact, I was thinking about it. I think it's actually remarkable how unremarkable the data is. Listen, I think when you look at, people say, well, gosh, we're not hiring many people because we have a supply issue. And you saw some of that play through today. But that being said, you're not seeing any wage growth. So meaning there's not that demand for labor that you would expect when you've got an economy that's doing as well as it's doing. I mean, we're going to grow. I think you're going to see 6% nominal GDP.

[SPEAKER_05] You've got corporate top line revenue that's strong. Earnings are strong. But you're seeing operating leverage for companies kick in like you read about. I mean, you look at all these earnings reports, particularly in the tech space. Companies are growing. They're spending immense amounts of CapEx.

BlackRock CIO Talks Job Report, Rates, Bonds

Read the full transcript

The candid version is on a podcast,
not the earnings call.

BlackRock CIO Talks Job Report, Rates, Bonds

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.