BlackRock’s Rieder Sees Soft Jobs Market, Wants Fed Rate at 3%

BlackRock Inc. executive Rick Rieder, who is among those being considered to succeed Federal Reserve Chair Jerome Powell, said the labor market is softening and interest rates should be lowered to 3%.

“We have a softening of the labor market that is quite significant,” Rieder told Bloomberg Television on a day when monthly payrolls data would ordinarily have been released but for the ongoing government shutdown. “If we had the number today, I think it would have been reflective thereof.”