While Wall Street is trying to guess when the Federal Reserve may begin to raise interest rates, the pace of the increases and the final destination is what's more important, BlackRock's Rick Rieder said Wednesday.
Earlier in the afternoon, the Federal Reserve released its post-meeting statement, making no changes to its interest rate policy. The central bank also removed all calendar references for when a hike could occur.
"There's this unbelievable focus on the date they start," said Rieder, co-head of BlackRock Americas fixed income.
"I think they're going to be very deliberate, and I think they're very concerned about not hitting the back end of the curve … and I think the destination is lower, as well."