Politics

US Elections 2024: BlackRock CEO Larry Fink states that the results will not significantly affect the markets; ‘I’m tired of…

BlackRock CEO Larry Fink downplayed the relevance of the upcoming US presidential election for financial markets, asserting that the

US Elections 2024: BlackRock CEO Larry Fink states that the results will not significantly affect the markets; ‘I’m tired of…

BlackRock CEO Larry Fink downplayed the relevance of the upcoming US presidential election for financial markets, asserting that the outcome’really doesn’t matter’ in the long run.

At a conference hosted by the Securities Industry and Financial Markets Association on October 21, Fink voiced his frustration over the excessive focus on elections, according to the Financial Times.

‘I’m tired of hearing that this is the biggest election of your lifetime. The reality is that, over time, it doesn’t have an impact,’ Fink said during the event.

He pointed out that short-term market movements are often less critical than people tend to believe, particularly regarding retirement funds, which represent over half of BlackRock’s $11.5 trillion in assets under management.

‘Unfortunately, there’s too much concern about whether the market is going up or down at any specific moment or quarter,’ Fink remarked. ‘It truly doesn’t matter.

Fink also highlighted that BlackRock works with both Republican and Democratic administrations and is currently engaging in talks with both presidential candidates for 2024.

Reiterating Fink’s perspective

On October 1, Fink conveyed similar thoughts at the Berlin Global Dialogue 2024 conference. During a panel discussion, he emphasized that elections often generate media excitement but have limited long-term effects on the markets, as reported by Bloomberg.

‘We see this every year, every four years; when an election occurs, everyone predicts a dramatic change in the market, but over time, that doesn’t materialize,’ Fink remarked during the event, according to Bloomberg. He explained that markets evolve and continue to function independently of the results of any single election.

As the November 5 election draws near, polls reveal a competitive race between former President Donald Trump and Vice President Kamala Harris. Trump has proposed tax incentives to enhance US manufacturing, while Harris has put forth policies aimed at increasing government involvement in sectors such as real estate and retail.

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