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Blackrock's Fink warns global surprise could drive major market correction
October 13, 2017 / 6:04 PM / 8 days ago

Blackrock's Fink warns global surprise could drive major market correction

WASHINGTON, Oct 13 (Reuters) - Blackrock Inc Chief Executive Officer Larry Fink warned on Friday that the market could face a “big correction” if a major world event occurred.

Fink, head of the world’s largest asset manager, said that the amount of risk in the financial system is comparable to 2007 levels, adding that the fundamental strength of the global economy and low volatility are keeping things stable.

“If there is a major event, which I don’t forsee anything, but if there is one, we could have a big correction,” he said at the annual meeting of the Institute of International Finance.

Fink added that while all the reported candidates to serve as the next Federal Reserve chair are well-qualified, he wants to see the next leader of the central bank follow the policy “glide path” established by current Chair Janet Yellen. (Reporting by Pete Schroeder; Editing by Jonathan Oatis)

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