SAN FRANCISCO -- BlackRock Managing Director and CIO of fixed income portfolios Rick Rieder painted a bleak overall economic picture before an overflow audience at the Schwab Impact conference here Thursday. With Fed policy holding interest rates low, it’s unlikely investors in fixed income will see yields rise far above current levels anytime soon.

In this environment, he said, BlackRock’s position is that equities are a better value than fixed income over the long term. Still, there are some early signs of a return economic health that could ultimately lift fixed income along with the overall economy, Rieder said.

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