BlackRock's Rick Rieder Says Fed 'Patience' Is Right Call Despite $820 Billion Market Rout, Oil Spike

Despite a brutal $820 billion wipeout in the U.S. stock market and surging oil prices, BlackRock Inc.‘s (NYSE:BLK) CIO of Global Fixed Income, Rick Rieder, believes the Federal Reserve’s current holding pattern on interest rates is the right move. The ‘Episodic’ Nature of Supply Shocks The heavy pullback in U.S. equities is a reaction to a “convergence of pressures,” according to John Murillo, Chief Business Officer…