BlackRock CIO Rick Rieder predicts the Federal Reserve will cut interest rates this September, citing a slowdown in the economy and weakening employment data. Rieder believes that the current high interest rates are unsustainable, suggesting a potential for a more aggressive rate reduction, even up to 50 basis points. Rieder’s insights were shared on Fox Business, where he highlighted the negative labor market trends, especially outside of healthcare, which have been consistently declining over the past three months. While acknowledging that inflation remains above the Fed’s target, Rieder believes it poses no significant threat, citing PCE data at 2.8% annualized for recent months. Addressing rumors regarding his potential replacement of Fed Chair Jerome Powell, Rieder emphasizes his focus on maximizing returns for investors.