BlackRock President Rob Kapito says "scarcity inflation" is driving the US economy, as shortages of workers, agricultural supplies, energy and housing are driving up prices.
The head of the world's largest asset manager this week told attendees at an energy conference in Austin that they should "put on your seat belts because this is something we haven't seen," Bloomberg reported.
At the meeting of the Texas Independent Producers and Royalty Owners Association, Kapito also had some choice words for millennials and Gen Xers coping with rising prices and shortages of essentials like housing and groceries.
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