BlackRock Inc. Chief Executive Officer Larry Fink said most CEOs he talks to think the US is in a recession, warning that stock markets could decline further as President Donald Trump’s tariff policies destabilize the world economy.

“The economy is weakening as we speak,” Fink, 72, said in an interview Monday at the Economic Club of New York, adding that he foresees more of an economic slowdown in the coming months.

Inflation is likely to be elevated, Fink said, casting doubt on the Federal Reserve cutting rates multiple times this year. As an example of worries spiking, Fink said he’s already heard from airline executives about the decline in travel demand.

“Most CEOs I talk to would say we are probably in a recession right now,” Fink said.

Global equity markets were hit with a stampede of selling last week, wiping out trillions of value after President Donald Trump unveiled a raft of unexpectedly sweeping and complicated tariffs. Investors dumped risk and raced to buy bonds, seeking safety and wagering on the Federal Reserve cutting interest rates.

“I would say in the long run, this is more of a buying opportunity than it is a selling opportunity,” Fink said. “That doesn’t mean we can’t fall another 20% from here, too.”

The US dollar is likely to weaken and consumption will probably decline as consumers and the wider economy adjust to the magnitude of the tariffs, according to Fink.

Longer term, Fink said he thinks Trump will focus on a growth agenda.

‘Biggest Risk’

Markets continued to convulse Monday, while the VIX Index, or fear gauge, rose to pandemic-era levels. JPMorgan Chase & Co. CEO Jamie Dimon warned that without a quick resolution, there would be a potentially “disastrous” fragmentation of the nation’s long-term economic alliances.

Even before last week’s selloff, Fink had commented on economic anxiety pervading the economy. There’s more unease about the economy than at “any time in recent memory,” he said in his annual letter to investors last month.

In January, Fink said the belief that we’re “past the high point of inflation” is “the biggest risk we have worldwide.”

BlackRock managed $11.6 trillion of assets as of Dec. 31, and the firm committed almost $30 billion on a trio of acquisitions in the past year to push further into private markets. The company will report first-quarter earnings on April 11.