BlackRock says there's a good chance the Fed will have to hike interest rates to 6%, the highest level in 20 years

• There's a reasonable chance the Fed will hike interest rates to 6% and keep them there, a BlackRock CIO said.
• Sticky inflation and a strong labor market are factors pushing the Fed to keep hiking, Rick Rieder said.
• Stocks sold off after Fed Chair Jerome Powell lifted expectations for higher interest rates ahead.

Inflation is stubbornly higher than the Federal Reserve wants, and that means it could push interest rates to a 20-year high of 6% — and not just for short while, according to a BlackRock investment chief.