Blackrock CEO Larry Fink says he worries that the White House actions are much more inflationary than the market expects. He also said he sees a zero percent chance of four or five Fed rate cuts this year.
He said he sees this as more of a buying opportunity but added "that doesn't mean we can't fall another 20% from here".
Fink said the US economy is probably in a recession right now.
"One thing I would say for sure right now is the economy is weakening," Fink said.
Fink is speaking at the Economic Club of New York.
