BlackRock Inc.’s CEO Larry Fink expects 10-year Treasury yields to top 5% as shifts in geopolitics and supply chains make inflation more persistent.
“My opinion is we’re going to have 10-year rates at least at 5% or higher because of this embedded inflation,” Fink said at the Berlin Global Dialogue forum on Friday. “We’re underestimating the change in geopolitics is so structurally inflationary.”
The comments come after the yield on 10-year Treasuries hit 4.68% on Thursday, the highest since 2007. The surge this year has been driven by aggressive Federal Reserve interest-rate hikes, with the latest move up caused by policymakers’ message that rates will stay higher for longer.
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