BlackRock to Fed: Time to ease up on the ‘dull hammer’ of QE3
April 9, 2013, 4:49 AM
Switcheroo! One of the biggest money managers on Wall Street is changing its tune and now advising the Fed to rein in its bond-buying program, and do it now, saying the central bank is distorting markets and risks stoking inflation.
“Fed policy has had a distorting effect on capital allocation decisions of all kinds at virtually every level of the economy. It is a very large and dull hammer for markets,” Rick Reider, who oversees $763 billion in fixed income investments for BlackRock, told the Financial Times in an interview that published Tuesday.
- flickr/stebulus
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