BlackRock, BLK, CEO Larry Fink has said: "We are probably in a recession right now"

BlackRock CEO Larry Fink Warns of Potential 20% Market Drop, Says U.S. May Already Be in Recession

BlackRock CEO Larry Fink said Monday that the stock market could still fall by another 20%, warning that the U.S. economy is showing clear signs of weakness. Speaking at the Economic Club of New York, Fink noted that “most CEOs I talk to would say we are probably in a recession right now.”

He added, “The U.S. economy is weakening as we speak.”

Still, Fink—who leads the world’s largest asset management firm—struck a more optimistic tone for long-term investors, pointing to sharp declines in equities as a potential opportunity.

“Some stocks are down over 30%, 40% from their highs just since January,” he said. “But I would say in the long run, this is more of a buying opportunity. That doesn’t mean we can’t drop another 20% from here too, but I do believe the vitality of the United States will persist over time.”

Fink is the latest high-profile Wall Street executive to weigh in on the economic uncertainty triggered by President Trump’s sweeping tariffs.

Markets around the world sank again Monday, as governments, businesses, and investors struggled to interpret the long-term implications of the new trade policies.

Several leading financial figures offered grim assessments. JPMorgan Chase CEO Jamie Dimon, in his annual shareholder letter, wrote that the new tariffs would likely lead to short-term inflation and a slowdown in economic growth—though whether they would trigger a full-blown recession “remains in question.”

Billionaire investor Bill Ackman, once a Trump supporter, urged the president to delay the tariffs for 90 days. Posting on X, Ackman wrote, “I strongly believe launching tariffs on April 9th against the entire world — massively in excess of what we are being charged — is a mistake.”

Fellow billionaire Stanley Druckenmiller also weighed in, posting on X that he does “not support tariffs exceeding 10%.” A longtime Republican, Druckenmiller previously worked with current Treasury Secretary Scott Bessent while at George Soros’s hedge fund.

Though Fink avoided direct criticism of the administration, he emphasized the need for progress on some of the pro-growth promises made during Trump’s campaign—particularly in areas like tax reform, deregulation, and speeding up permits.

“We have to get that going,” Fink said.