BlackRock sees stock prices unjustified but more demand for U.S. bonds
NEW YORK, July 14 (Reuters) - BlackRock Inc Chief Executive Larry Fink on Thursday said he would not be surprised to see U.S. interest rates sink far lower under pressure from international demand.
Fink told CNBC he could see yields on U.S. 10-year Treasuries sinking as low as 0.75 percent as central bank purchases have reduced available assets and pushed cash to the sidelines. But he said U.S. stock prices are not currently justified unless quarterly corporate earnings are higher than currently estimated. He also said he was surprised by the Bank of England's move on Thursday to keep interest rates on hold as Britain heads into what he sees as a likely recession.
(Reporting by Trevor Hunnicutt; Editing by Chizu Nomiyama)
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