the blackrock logo is pictured outside their headquarters in the manhattan borough of new york city new york us may 25 2021 reuterscarlo allegri london july 11 reuters  asset manager blackrock said on monday that it reduced its exposure to developed market equities given a worsening economic outlook but upgraded its holdings of investment grade credit the great moderation a period of steady growth and inflation is over blackrock vice chairman philipp hildebrand and his team said in a midyear outlook for the worlds largest asset manager instead we are braving a new world of heightened macro volatility – and higher risk premia for both bonds and equities blackrock said it was now underweight us european and uk equities while holding onto neutral position in japanese chinese and emerging market stocks attractive valuations had prompted the asset manager to upgrade its view on investment grade credit blackrock also shifted its view on uk gilts to overweight making them their preferred nominal government bonds we believe market pricing of the bank of england’s rate hikes is unrealistically hawkish in light of deteriorating growth