BlackRock CIO gives her take on the future of the UK economy
At Spear's 500 Live, private client professionals — from wealth management, philanthropy, luxury, law and property — gathered at The Savoy to share insight, strengthen networks and hone their understanding of the forces that shape the lives of ultra-high-net-worth clients.
Economic growth has been more resilient than many commentators expected at the beginning of the year, says Simona Paravani-Mellinghoff, Global CIO of Solutions within BlackRock’s Multi-Asset Strategies & Solutions Group. Employment reports, PMI indices, and manufacturing data all point to a robust economy in the US and Europe.
But this growth is occurring against the backdrop of the fastest and largest increase in interest rates globally this century. The impact of monetary policy tightening is still unfolding and could lead to signs of economic distress, such as corporate bankruptcies and rising credit card delinquencies.
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