Larry Fink, CEO of Blackrock, sat down with Bloomberg earlier today to provide some rather dark warnings about the U.S. economy saying there are signs of slowing as businesses weigh whether the Trump administration will be able to pass tax reform and an infrastructure program quickly.

Among other things, Fink said that “the warning signs are getting darker" and pointed to slowing auto sales and corporate M&A activity as evidence that the underlying economy may not be as healthy as S&P returns would indicate.

"The U.S. economy is not growing as fast as people would have thought in the 4th quarter." "So to assert that we're going to continue to grow at this size or higher...well, I never make forward predictions like that."

Meanwhile, in a comical detour, Fink said the market is waiting for Q1 earnings to determine whether the recent equity rally in the U.S. was justified...

"I think as we see the consternation in the marketplace now there is a little pull back. I think people are waiting to see corporate earnings for this quarter to see if there is a justification of this significant rally, especially in U.S. stocks."

...allow us to end the suspense...it's not.

But, since when do fundamentals matter for equity prices anyway?