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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe U.S. economic tailwinds look to be very strong, says Apollo's Torsten SlokTorsten Slok, Apollo Global Management Chief Economist, joins 'Closing Bell: Overtime' to discuss the Fed, economy and his market outlook.
Persons: Apollo's Torsten Slok Torsten Slok Organizations: Apollo Global Management
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSlok: We have not seen any signs of a slowdown since the Fed started raising rates in 2022Apollo Global chief economist Torsten Slok says the data over the past several weeks and months shows the U.S. economy continues to do just fine, and this week's jobs report will go a long way towards what the Fed does next week.
Persons: Torsten Slok Organizations: Fed, Apollo Global Locations: U.S
In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year. "It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote. AdvertisementHowever, consumption and business spending data have been strong in recent months. If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said. AdvertisementThe outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes.
Persons: , Torsten Slok, Slok, Freddie Mac, David Rosenberg, who's Organizations: Service, Apollo Global Management, Business, Bureau of Labor Statistics, Challenger, IRA, Atlanta Fed Locations: Atlanta
The pace of inflation likely moderated again in August — further relief for beleaguered consumers still smarting from pandemic-era price shocks. Though price growth has largely returned to the Federal Reserve's official 2% target, the sting of rapid price increases over the past four years lingers for many consumers. The latest inflation report is likely to cement a 0.25% cut in the Federal Reserve's key interest rate, currently at about 5.3%, later this month. But experts say it will take some time for consumers to feel the impact of the lower interest rate — and the relatively small size of the cut means borrowing costs will still be somewhat elevated. While the Fed is now widely expected to cut interest rates, a cut of just 0.25% may not be enough to stave off that scenario.
Persons: , There's, Joe Biden, Kamala Harris, Zillow, Paul, ” Marina Walsh, ” Walsh, Torsten Slok, Slok, Sophia Kearney, Jerome Powell's, Kearney, Lederman Organizations: of Labor Statistics, Federal Reserve's, Democratic, Labor Statistics, Princeton, , Mortgage Bankers Association, Apollo Global Management, FHN, NBC News, Fed Locations: U.S, New York, Los Angeles, Minneapolis, St, Las Vegas, Phoenix
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed cutting 25bps next week should be 'more than enough', says Apollo's Torsten SlokTorsten Slok, Apollo Global Management chief economist, joins 'Closing Bell Overtime' to talk what to expect from the Federal Reserve's rate decision next week.
Persons: Apollo's Torsten Slok Torsten Slok Organizations: Apollo Global Management
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomy isn't slowing down in a way that justifies the number of rate cuts: Apollo's Torsten SlokMichael Kantrowitz, Piper Sandler chief investment strategist, and Torsten Slok, Apollo Global Management chief economist, join 'Squawk on the Street' to discuss the state of the economy, impact on the Fed's inflation fight, rate path outlook, and more.
Persons: Apollo's Torsten Slok Michael Kantrowitz, Piper Sandler, Torsten Slok Organizations: Apollo Global Management
While there was some demand for protection against the prospect of volatility reemerging, overall sentiment across Wall Street had gotten more bullish. Until Wall Street can be sure that the consumer will hold on (or not), conviction is easily shaken. After years of weird times and outsize gains, Wall Street is dancing on a knife's edge. After years of weird times and outsize gains, Wall Street is dancing on a knife's edge. What happened on Monday was a sudden realization that the new structure may assert itself before Wall Street imagined it would.
Persons: , Jerome Powell, we've, they'd, corporates, Dow, Mandy Xu, Cboe's, Wall, Torsten Slok, Slok, Shake, Kevin Gordon, Charles Schwab, they've Organizations: Dow Jones, Bank of Japan, Big Tech, Federal Reserve, Nasdaq, Wall, Apollo Global Management, Corporations, Companies Locations: Asia, Japan, Mexico
Stock futures pointed to a mild market bounceback following a significant sell-off Monday that left major indexes with their worst day in nearly two years. ET Tuesday, Dow Jones Industrial Average futures, S&P 500 futures, and and Nasdaq futures were each up about 0.4%. The recovery comes as Japan's Nikkei stock index, which saw its worst day in a generation Monday, rallied for its best day since 2008, surging 10.2%Still, Tuesday's gains are unlikely to make up for the losses stocks suffered Monday. Torsten Slok, chief economist at Apollo Global Management, said in a note Tuesday that the economy remains in decent shape. "If the economy were crashing, default rates would be spiking higher, and that is not what the data shows.” he wrote.
Persons: Dow, Goldman Sachs, Torsten Slok, Organizations: Dow Jones Industrial, Nasdaq, Nikkei, Federal, Citibank, Federal Reserve, Citi, Fed, Apollo Global Management Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEconomic data still justifies a soft landing, says Apollo's Torsten SlokTorsten Slok, Apollo Global Management chief economist, joins 'Closing Bell Overtime' to talk the day's market action and what the recent round of economic data signals.
Persons: Apollo's Torsten Slok Torsten Slok Organizations: Apollo Global Management
Now the central bank is mulling over when to do something it hasn’t done since the darkest days of the pandemic: cut interest rates. “A rate cut could be on the table in the September meeting,” Fed Chair Jerome Powell said on Wednesday, immediately jolting markets. When will the Fed cut rates? Rate cut probabilityThat said, investors are entirely convinced the Fed will cut rates at their September meeting, according to Fed funds futures data. Torsten Slok, Apollo Global’s chief economist, is maintaining his prior forecast that the Fed won’t cut rates at all this year.
Persons: Jerome Powell, we’re, It’s, Powell, , ” Powell, Torsten Slok, Apollo Organizations: New, New York CNN, Federal Reserve, Fed, European Central Bank, CNN Locations: New York,
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat the latest Fed decision could mean for the markets and your moneyTorsten Slok, Chief Economist at Apollo Global Management, and Gunjan Banerji, Lead Writer at the Wall Street Journal, discuss the latest Fed decision and its impact on the markets and the economy.
Persons: Torsten Slok, Gunjan Organizations: Apollo Global Management, Wall Street
New York CNN —The Federal Reserve is all but certain to hold interest rates steady at its meeting this week. That’s why Torsten Slok, Apollo Global’s chief economist, is maintaining his prior forecast that the Fed won’t cut rates at all this year. “There are still two more CPI releases before the September 18 [Fed] meeting, so we have to wait and see if the downtrend in inflation continues,” he told CNN. Fed officials have signaled that September will be when they finally lower interest rates. The difference between a few months for that initial cut “really doesn’t matter unless there’s some big shock that hits the economy in that time,” Fed Governor Christopher Waller said earlier this month.
Persons: Alan Blinder, Paul Krugman —, Blinder, what’s, Brandon Bell, Torsten Slok, Apollo, , Sean Snaith, it’s, Christopher Waller, Waller Organizations: New, New York CNN, Federal, CNN, ” University of Central, Locations: New York, ” University of Central Florida, Iran, Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStill premature to talk about a dramatic amount of rate cuts coming, says Apollo's Torsten SlokTorsten Slok, Apollo Global Management chief economist, joins 'Squawk on the Street' to discuss the June's PCE inflation data, impact on the Fed's inflation fight, state of the economy, rate path outlook, and more.
Persons: Apollo's Torsten Slok Torsten Slok Organizations: Apollo Global Management
Commercial real estate values have been on the decline in the US. Related storiesBanks, meanwhile, are quietly shedding exposure to commercial real estate debt. AdvertisementInvestors have been watching the commercial real estate industry since the pandemic when the work-from-home trend cleared offices of workers. Some real estate veterans are calling for a major correction in the industry. The commercial property sector, in particular, could see a wave of bankruptcies and properties with forced sales, according to Kiran Raichura, the deputy chief property economist at Capital Economics.
Persons: , Banks, Goldman Sachs, Torsten Slok, Moody's, Kiran Raichura, Raichura Organizations: Service, Bloomberg, Business, Deutsche Bank, New York Times, Capital Economics Locations: North America, American
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'No reason for Fed to cut rates at this moment', says Apollo Global's Torsten SlokTorsten Slok, Apollo Global Management chief economist, joins 'Closing Bell Overtime' to talk the economy's trajectory for the second half of the year and if a rate cut is imminent or off the table.
Persons: Apollo Global's Torsten Slok Torsten Slok Organizations: Apollo Global Management
People are exiting the stock market in droves
  + stars: | 2024-06-05 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy. A shrinking market: The stock market isn’t the economy (for the most part). Fear is currently driving the US market, according to CNN’s Fear and Greed Index. “We really need to consider: Is this the outcome we want?”CEOs are making almost 200 times what workers areCEOs raked in fat pay packages last year as the US stock market boomed, reports my colleague Matt Egan. Economists were expecting job openings to register 8.36 million, according to FactSet estimates.
Persons: , Morgan Stanley, Lisa Shatlett, We’ve, Torsten Slok, Jamie Dimon, Dimon, , Matt Egan, Bosses, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, titans, Bank of America, Morgan Stanley Wealth Management, Federal, Dow, Apollo Global Management, Privately, JPMorgan, Associated Press, Workers, Bureau of Labor Statistics ’, Labor, Federal Reserve Locations: New York, Nantucket, That’s
Apollo Global's Slok: I don't expect rate hikes this year
  + stars: | 2024-05-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApollo Global's Slok: I don't expect rate hikes this yearTorsten Slok, Apollo Global Management chief economist, joins 'Squawk on the Street' to discuss whether home pricing plays a part in inflation, if the Fed should wait for housing inflation progress if they can't control why they're higher, and much more.
Persons: Torsten Slok Organizations: Apollo Global Management
According to the Apollo chief economist, that's because current strength stems from high debt loads, both among US consumers and the corporate world. Slok pointed out that delinquencies are rising on credit cards and auto loans, despite an economy with low unemployment. But while that keeps a hard landing on the table, the next few quarters will still deliver solid performance, he said. Advertisement"We still have behind us a very strong tailwind. We still have strong spending in the pipeline from the Chips Act, Inflation Reduction Act, the Infrastructure Act."
Persons: , Torsten Slok, Slok Organizations: Service, Apollo, Business, Bloomberg, Fitch, Reserve Locations: headwinds
Inflation canceled that, and now it's almost certain that Wall Street's summer is canceled, too. That means Wall Street's fantasies of decamping to the Hamptons for the summer have shattered. You can see why this tug-of-war will keep Wall Street on its toes and off Georgica Beach. There is a certain set on Wall Street that does not get to "rosé all day" on Hamptons summer water when currencies trade that way. The simplicity that Wall Street hoped for is one of the few options that's no longer on the table.
Persons: , Justin Simon, decamping, Jerome Powell, opportunistically, Jamie Dimon, Torsten Slok, Slok, Powell, we'd, David Lefkowitz, dory, McDonald's, Silas Myers, Wall, Zuck, Simon, they're, it's Organizations: Federal Reserve, Jasper Capital, Nasdaq, Hamptons, JPMorgan, Fed, Pepsi, Mar Vista Investments, Wall, Nvidia, Tesla, Microsoft, Meta, Apple, EU Locations: Georgica, Japan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed won't cut interest rates this year, says Apollo Global's Torsten SlokTorsten Slok, Apollo Global Management Chief Economist, joins 'Closing Bell Overtime' to talk the April jobs report, the state of the U.S. economy, why he thinks Fed cuts won't come this year and more.
Persons: Apollo Global's Torsten Slok Torsten Slok Organizations: Apollo Global Management Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReaccelerating economy is a problem for the Fed, says Apollo's Chief EconomistTorsten Slok, Apollo Global Management chief economist & partner, joins 'Fast Money' to discuss why he believes a reaccelerating economy is putting pressure on inflation and will be an issue for the Fed.
Persons: Torsten Slok Organizations: Apollo Global Management, Fed
Investors are starting to take seriously the idea that the Fed might not cut interest rates in 2024. At this point, investors are viewing economic strength as ultimately good news for the stock market, if that means a recession is delayed. AdvertisementFrom seven, to three, to now potentially zero, projected interest rate cuts in 2024 are quickly going out of style on Wall Street. So a delay in interest rate cuts, on paper, would suggest lower stock prices. And better-than-expected first quarter profits have helped put a floor on a stock market that is trading near record highs, even as talks of interest rate cuts fade.
Persons: Neel Kashkari, Kashkari, Michelle Bowman, Bowman, Ed Yardeni, Yardeni, Mohamed El, Torsten Slok, Slok, Ken Fisher Organizations: Federal Reserve, Atlanta Fed, Minneapolis Fed, Fed, Bank of America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWage growth will be the most important indicator in the March jobs report, says Apollo's Torsten SlokTorsten Slok, Apollo chief economist, joins 'Closing Bell Overtime' to talk what to expect from the Federal Reserve moving forward and what to look for in the March jobs report.
Persons: Apollo's Torsten Slok Torsten Slok Organizations: Federal Reserve
Sam Altman's act may be wearing thin
  + stars: | 2024-03-26 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking into how some in Silicon Valley are starting to sour on OpenAI's Sam Altman . AdvertisementFrom hardball tactics when raising funds to relentless self-mythologizing about his role in the future of tech, Altman's act is wearing thin on some . Even VCs uninterested in AI deals are quickly becoming servants to Altman's AI empire. Big market, fall hard.
Persons: , Baltimore's Francis Scott Key, Sam Altman, Alastair Grant, Rebecca Zisser, Darius Rafieyan, Altman, Elon Musk, à, Steve Jobs, VCs, Samantha Stokes, Eric Baradat, Torsten Slok, David Rosenberg, BofA, Drew Watson, Birkin, Abanti Chowdhury, Elon, Don Lemon, that's, Musk, Mark Zuckerberg, Google's, Meta, Dave Calhoun, Aaron Schwartz, Adam Neumann, Neumann, Robert F, Kennedy Jr, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Baltimore Fire Department, Tech, Apple Vision, NFL, ChatGPT, Kruze Consulting, Apollo Global Management, Federal Reserve, Bank of America, Abanti, Getty Images, Street Locations: Silicon Valley, Plenty, Big, Orlando, New York, London, Chicago
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are several drivers that could lift inflation in the coming months, says Torsten SlokTorsten Slok, Chief Economist at Apollo Global Management, discusses his expectations for February CPI.
Persons: Torsten Slok Torsten Slok Organizations: Apollo Global Management
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