(Bloomberg) -- Larry Fink, the chief executive officer of BlackRock Inc., sees markets trending higher spurred by deregulation and tax cuts in the U.S.

“People are under invested in equities,” Fink said on CNBC Friday. “We did more fiscal policy than other countries, other countries were reliant on just monetary policy.”

Fink said fiscal policy does more for an economy than monetary policy since the general population does not own bonds and stocks, especially in Europe and Asia.

The CEO said there was a lot of de-risking in the second quarter amid trade tensions around the world and more money moved into cash. But he advised investors not to be in cash now.

--With assistance from Melissa Karsh.

To contact the reporter on this story: Sammy Criscitello in Boston at scriscitello@bloomberg.net

To contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent Bielski

©2019 Bloomberg L.P.