BlackRock CEO Fink: 2nd-quarter Earnings Could Disappoint

BlackRock Chief Executive Larry Fink said that U.S. financial markets are “probably fully priced at this moment,” and that second-quarter earnings and growth could disappoint investors.

Fink, who spoke at a conference in an interview by Deutsche Bank AG Chief Executive John Cryan, said that businesses in the current quarter are not seeing the acceleration the markets are expecting.

He also pointed to the flattening yield curve as a sign that bond markets reflect less optimism for economic growth than stocks do.

A flattening yield curve refers to a decline in the premium investors demand for longer-dated U.S. government bonds over those maturing sooner. After spiking following the November U.S presidential election, that spread between short- and long-term bonds has declined.

“The rates markets are saying something entirely different from equity markets,” Fink said.

“Rates are not going to go up as much as, I think, consensus, which is probably

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