Your Evening Briefing: BlackRock Says Forget About Rate Cuts This Year

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The headquarters of BlackRock in Manhattan.Photographer: Spencer Platt/Getty Images

Anyone out there betting the US Federal Reserve will actually cut rates this year has got it very wrong, says BlackRock. The world’s biggest money manager has taken a dim view of Wall Street wishful thinkers who expect rate cuts, given the continuing risk of recession. But BlackRock’s position runs counter to that of TD Securities and DoubleLine Capital, both of which contend the Fed is mistaken about the need to keep raising rates. The collapse of three mid-size US banks and the forced marriage of Credit Suisse to UBS may have prompted a rethink by some on monetary policy, but Fed Chair Jerome Powell made clear with a fresh rate hike that the inflation fight will go on. Here’s your markets wrap

Former US Vice President Mike Pence ordered by a judge to testify before a federal grand jury hearing evidence from the Special Counsel investigating Donald Trump and his allies for their alleged roles in what the Jan. 6 committee labeled an attempted coup. The probe of Trump’s efforts to block the transfer of power is just one of four criminal investigations faced by the Republican.

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