Larry Fink, BlackRock's chief executive, said in his annual letter published on Monday that many of the people he interacted with were nervous about a recession. Many of those concerns stem from uncertainty over the Trump administration's tariff policy. "I've heard that from almost everyone I've spoken to," Mr. Fink wrote. "They're more anxious about the economy than at any time in recent memory." Earlier this month, Mr. Fink said in an interview: "The collective effect in the short term is that the market is retreating. When talking to CEOs across the economy, they say the economy is weakening." But in his annual letter, Fink struck a different tone, not touching on the specifics of the economic uncertainty that pervades the financial world, but pointing to the resilience of capital markets over their 400-year history.