The world’s largest asset manager sees the U.S. federal funds rate peaking at 6% after Fed Chair Jerome Powell warned interest rates are likely to head higher than the central bank previously expected. “We think there’s a reasonable chance that the Fed will have to bring the Fed Funds rate to 6%, and then keep it there for an extended period to slow the economy and get inflation down to near 2%,” BlackRock’s chief investment officer of global fixed income Rick Rieder wrote in response to Powell’s testimony before the Senate Banking Committee on Tuesday. The economy is more resilient than expected, Rieder said, ... (full story)