Apollo Global Management CEO Marc Rowan expressed optimism about the state of the economy during the Milken Institute Global Conference, stating that he believes the country has achieved a soft landing. This refers to continued growth despite interest rate hikes by the Federal Reserve.
Rowan’s belief in a soft landing is supported by recent economic data, which shows that the U.S. economy grew at an annualized rate of 3.4% in the final quarter of 2024, despite predictions of a mild recession at the beginning of the year. The first quarter of 2023 saw growth of 1.6%, which was slower than expected but still positive.
Despite some mixed responses from markets to economic data, Rowan pointed out that stability is a key characteristic of a soft landing, and he remains optimistic that this trend will continue. Apollo’s first-quarter earnings reflect this positivity, with total assets under management increasing by 12% year over year to $671 billion and 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 have been performing well so far, up 22% year to date and outperforming the S&P 500’s gain of 9%. For those interested in staying informed about economic news and indicators, Yahoo Finance provides updates on current events and financial market trends. Additionally, Yahoo Finance offers business news for readers looking to stay up-to-date on industry developments.
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Overall, it seems that Apollo Global Management is optimistic about the future of the economy and believes it has achieved a soft landing despite challenges such as rising interest rates and global economic uncertainties.
