Rick Rieder, chief investment officer for global fixed income at BlackRock Inc BLK, reportedly said Thursday’s wild fluctuations ranked among the “craziest days of my career,” during an interview with MarketWatch’s Christine Idzelis.
“If I can get 4% to 6% in quality assets, I kind of think I would rather stay there for a while,” Rieder said according to the report.
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The annual U.S. inflation rate eased for the third straight month to 8.2% in September, the lowest in seven months, down from 8.3% in the previous month. However, analysts were expecting a reading of 8.1%.
Following the release of the U.S. inflation data, markets swung wildly on Thursday, with major U.S. equity indices closing 2% higher. The SPDR S&P 500 ETF Trust SPY closed over 2.5% higher on Thursday, while the Vanguard Total Bond Market Index Fund ETF BND closed over 0.35% lower.
On Dollar: Rieder believes the inflation data will not take the upward pressure off of the dollar, and this could have negative consequences on other currencies.
“Today’s CPI report, probably won’t yet take pressure off of the #USD’s persistent appreciation, which creates difficulties globally, including for places like China, which have to be careful about rapid depreciation of their #currencies and the negative impact that can result,” he tweeted.
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