
BlackRock Commentary: Macro outlook retakes spotlight
Despite the latest payrolls data indicating a highly constrained labor market, there has been no improvement in workforce participation, which contributes to the ongoing issue of stubborn core inflation. In light of this situation, BlackRock believe that the combination of persistent inflation and elevated levels of debt could prompt investors to seek greater compensation for holding U.S. assets, particularly long-term Treasuries, in the long run.