BlackRock Inc. Chief Executive Officer Larry Fink said stubbornly high inflation will force the Federal Reserve to raise interest rates two to four more times.

“The Fed is not finished,” Fink said Wednesday during a financial services conference hosted by Deutsche Bank AG. “Inflation is still too strong, too sticky.”

Fink, 70, said there’s no guarantee that the US economy will tip into a recession and that it would be modest “if we even have one.”

BlackRock, which managed $9.09 trillion at the end of the first quarter, has seen a surge in client money flowing into bond funds after the Fed began hiking rates last year.