BlackRock CEO Larry Fink stated at a group discussion of chief executives in Riyadh, Saudi Arabia on Tuesday evening (Beijing time, the 29th) that the Fed will not cut interest rates as expected by the market because the "embedded inflation" is too high. Fink's massive fund manages assets of over $10 trillion. While other market participants widely predict that the Fed will cut interest rates twice before the end of this year, Fink expects the Fed to cut interest rates only once before the end of this year. During a group discussion at the annual flagship investment conference 'Future Investment Initiative' in Saudi Arabia, Fink said: 'I think it is fair to say that the Fed will cut interest rates by at least 25 basis points, but, that being said, I do believe our embedded inflation is the highest in the world and more severe than ever before.' The Fed lowered its benchmark interest rate by 50 basis points in September. (Global Market Report)