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(Slay News) – Larry Fink, the chairman and CEO of the world’s largest asset manager BlackRock, has warned that U.S. inflation is likely to continue “for a number of years.”

Fink made his comments while speaking with David Westin during an interview on “Bloomberg Markets: The Close.”

Westin stated that the markets had suffered severe turbulence so far this year before asking Fink: “As you look forward, is there any real prospect it can recoup?”

“Probably not, totally,” Fink replied.

He said the market has been recalibrating itself and warned that the Federal Reserve does not have the tools to deal with inflation right now.

“We witnessed a change in policy from the Federal Reserve,” he said.

“We raised short rates.

“We have a recalibration of growth stocks, that’s principally the majority of the downfall.

“The index is masking some of the problem because some of the index are energy, commodity companies that are up quite a bit.

“If you look at the volatility in the market, it’s spread between winners and losers.

“It’s pretty broad this year,” Fink continued.

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“We’ve taken out a lot of those gains that we’ve seen during the COVID years and the two years we were changing our lives, and emphasizing different companies.

“Now, we’re seeing the reverse impact of that.

“That’s one of the foundations of it.

“But now, there’s great recognition that inflation is not transitory, it is probably with us for a number of years.”

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