BlackRock's Rieder Sees 'Productivity Revolution' in US

Rick Rieder, CIO of global fixed income at BlackRock, described the July US employment report as unremarkable. He anticipates a productivity revolution in the US, leading to a nominal GDP of 6%. Following the jobs report, Rieder suggests that a Fed rate hike is unlikely. While a shift away from rate hikes could stabilize markets, it may also indicate underlying concerns regarding the health of the labor market and overall economic growth in the United States.