Bond prices aren’t doing much to help investors or asset managers right now. But the longer-term appeal of fixed-income yields may be a saving grace for all.
BlackRock on Thursday reported a 15% year-over-year decline in third-quarter revenue, driven by the effects of falling market prices and a strong dollar on asset values and fees. With the prices of both stocks and bonds being hit by uncertainty about inflation, the economy and the pace of interest-rate changes, that has been the story of much of the year for asset managers. Shares of BlackRock are down by nearly 40% since the start of 2022.
