Rick Rieder, BlackRock Chief Investment Officer of Global Fixed Income, spoke to Yahoo Finance’s Julie Hyman about his thoughts on the US economy heading into a second Trump administration and how it could impact inflation levels, the Federal Reserve’s rate-cutting plan, and the bond market. With Republicans looking to take not just the presidency but potentially both chambers of Congress, the president-elect’s potential economic policies, including hefty tariffs on imported goods, are in focus. Rieder isn’t convinced Trump’s stated plan to institute 60% tariffs on all Chinese imports will be as pervasive as promised on the campaign trail, anticipating more of a measured negotiation. But before Trump’s policies are put into place, Rieder says, ‘‘anyone who says they know what that looks like is lying,” with the caveat that tariffs typically do tend to raise inflation and dull growth. More important, in his opinion, is the high level of US debt and the cost of debt services. According to the US Treasury, the national debt is roughly $35.9 trillion dollars, as of November 12. Rieder sees growing the economy at a rate that outruns the debt, paired with continued rate cuts from the Fed as a potential solution.
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