BlackRock Investors: Rate hikes may make it more difficult for the Federal Reserve to achieve a 2% inflation target

Rick Rieder, who is in charge of BlackRock's global fixed income and global asset allocation, pointed out that despite the good performance of the CPI index this week and possible declining inflation, he believes it is a "golden age for fixed income", not because interest rates will fall but because you can get substantial returns in your portfolio. Ironically, he wonders whether persistent high interest rates would make it more difficult for the Federal Reserve to achieve its 2% inflation target as it has put a lot of money into the hands of high-income households.