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BlackRock’s
Rick Rieder, a candidate to succeed Federal Reserve Chair Jerome Powell who is reportedly set to be interviewed by President Donald Trump on Thursday, reiterated his support for bringing U.S. interest rates down to 3%, or the lowest level in more than three years.
In an interview with CNBC that aired Monday, Rieder, BlackRock’s chief investment officer of global fixed income, said that his desire for a 3% interest-rate level is one which he has talked about repeatedly for months. He lent his support for such a move again on Monday, which would push borrowing costs down at least 50 basis points — or half a percentage point — from where they are now. The fed funds-rate target currently sits between 3.5% and 3.75% after Fed officials delivered a quarter-point reduction in December.
