The Daily Caller: BlackRock’s analysts recently predicted that, even in the likely event of a recession, inflation and elevated interest rates are unlikely to decline as fast as investors might hope in 2023, putting further stress on financial markets. Chief financial officer Gary Shedlin, speaking at an industry conference in December, said that the group feels “that a recession is a matter of when, not if,” according to Business Insider.

In October, the company said it was halting hiring, excepting critical hires, and that it was planning on reducing costs, according to Business Insider. While it had anticipated in January 2022 that core expenses would grow between 15% to 20% that year, it revised this target down to 13% to 15%.