Balanced News: BlackRock bond chief Rieder says U.S. economy in ‘much better shape’ than doomsayers say

BlackRock’s bond chief, Rick Rieder, believes that the US economy is faring better than many expected, citing resilient government, corporate and consumer spending, improving homebuilder data, $1.5tn in excess savings, and low unemployment. Despite concerns of a possible recession, Rieder expects the Federal Reserve to pause rate increases at its next meeting, with the rate-hiking campaign largely done. However, the biggest threat to Rieder’s thesis is a potential US default on its sovereign debt, which could have “potentially catastrophic” effects on the economy.