At the Milken Institute Global Conference, Apollo Global Management CEO Marc Rowan expressed his confidence in the economy’s ability to achieve a soft landing. According to Rowan, the economy has managed to continue growing despite interest rate hikes by the Federal Reserve, and he believes this trend will persist.
Despite some mixed responses from the markets to recent economic data, the numbers support Rowan’s assessment. In the first quarter of 2023, the U.S. economy grew at a slower pace of 1.6%, but it is still expanding. In the final quarter of 2024, GDP growth was at a 3.4% annualized rate, and for all of 2023, it was at a 2.5% annualized pace – defying predictions of a mild recession at the beginning of the year.
Rowan highlighted that despite a significant increase in interest rates, the economy has remained stable – a key characteristic of a soft landing. Apollo’s first-quarter earnings reflect this stability, with total assets under management increasing by 12% year over year to $671 billion, benefiting from $40 billion in inflows. The company also reported record quarterly debt origination volume and an increase in asset management fees.
Apollo Global Management’s shares are performing well, up 22% year to date, outperforming the S&P 500’s gain of 9%. For those interested in staying informed about economic news and indicators, Yahoo Finance provides up-to-date information on these topics. Additionally, Yahoo Finance offers financial and business news for readers to stay on top of industry developments.
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