“Most CEOs I talk to would say we are probably in a recession right now,” Fink told the Economic Club of New York on Monday. The tariffs will lead to higher prices, adding to inflationary pressure.

Still, the leader of the world’s largest asset manager said stock market weakness since the tariff announcement on Wednesday was “more of a buying opportunity than a selling opportunity,” in the long run and did not pose systemic risks.

“That doesn’t mean we can’t fall another 20% from here too,” he said.