BlackRock's CIO Rieder says the Fed Funds rate is too restrictive today, sees mid-24 cut

<p>BlackRock Chief Investment Officer of Global Fixed Income Rick Rieder was interviewed on CNBC, some of his main points:</p><ul><li>Inflation is coming down, the data is clear on inflation</li><li>The narrative of the
economy falling off a cliff, that we're moving to a recession and the Feds have to start cutting, we are facing a cut in January … is absurd. I don't believe
we're going into a significant recession.</li><li>economy … I think we are moderating from a
period of extraordinary growth.We are normalizing
from what is extraordinary monetary and fiscal policy and we are just
normalizing. Next, year we've
got real GDP running at about one and a half with inflation running
about two and a half. that is a normal economy. </li><li>(Federal Reserve) I think they
are done (hiking rates)</li><li>fund rate … the real rate is too
high</li><li>I think the Fed has got to start cutting</li><li>I think the market is
ahead of itself in March … that is over the top. But I think in May, June they'll start cutting … start
doing something like 25 basis cuts to get the real rate down to what
is a level that, by the way, would be restrictive. It is too
restrictive today.</li></ul>

This article was written by Eamonn Sheridan at www.forexlive.com.