• Apollo.com
  • Login
  • Register Now
light site-logo
  • The Academy
  • Upcoming Events
        • Upcoming Events

  • Learning Center
        • Alternative Investing Course

        • Alternative Investing Essentials Part One
          • Now Available On Demand
        • Alternative Investing Essentials Part Two
          • Now Available On Demand
        • Practical Considerations
          • Now Available On Demand
        • Classes & Videos

        • Beyond Beta: How to Use Alternatives to Replace Public Equity
          • Now Available On Demand
        • Real Estate: What Lies Ahead Why?
          • Now Available On Demand
        • Private Equity Investing Today: Dislocation Creates Opportunity
          • Now Available On Demand
        • Private Credit: An Allocation Strategy for 2023
          • Now Available On Demand
        • 2023 Economic and Capital Markets Outlook
          • Now Available On Demand
        • Why Alternatives in Retirement Portfolios
          • Now Available On Demand
        • Introductory Videos
  • Alternative Perspectives
        • Investment Knowledge
        • Economic Intelligence
        • The View from Apollo
          • The Weekly Brief

            Recession Perspectives

            May 22, 2023
          • Investment Knowledge

            Multi-Asset Credit: The Asset-Backed Finance Allocation

            May 24, 2023
          • The View From Apollo

            Private Equity Investing Amid Market Dislocation

            May 8, 2023
  • The Daily Spark
        • Read The Daily Spark Blog



        • Want it delivered daily to your inbox?
          • The Daily Spark

            Supply Chains Are Back to Normal

            May 27, 2023
          • The Daily Spark

            Is Inflation High Because of Demand or Supply?

            May 26, 2023
          • The Daily Spark

            Financial Well-Being

            May 25, 2023
  • Register for Apollo Academy: Alternative Investing Course
  • Login
  • About Apollo Academy
  • Upcoming Events
  • Learning Center
  • Alternative Perspectives
  • The Daily Spark
  • Register for Apollo Academy: Alternative Investing Course
  • Login
  • Alternative Investing Course
  • Beyond Beta: How to Use Alternatives to Replace Public Equity
  • Real Estate: What Lies Ahead and Why?
  • Private Equity Investing Today: Dislocation Creates Opportunity
  • Private Credit: An Allocation Strategy for 2023
  • 2023 Economic and Capital Markets Outlook • Now Available On Demand
  • Why Alternatives in Retirement Portfolios • Now Available On Demand
  • Introductory Videos
  • Alternative Investing Essentials Part One • Now Available On Demand
  • Alternative Investing Essentials Part Two • Now Available On Demand
  • Practical Considerations • Now Available On Demand
  • Investment Knowledge
  • The View from Apollo
  • Economic Intelligence
Home April 2022

High Wage Growth for Job Switchers

Wage growth continues to accelerate in particular for job switchers, see chart below. The labor market is overheating and the Fed is trying to cool down the economy by raising rates and doing QT.

Chart showing robust wage growth for job switchers
Source: Federal Reserve Bank of Atlanta, Apollo Chief Economist

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Outlook for markets and alternatives

My latest outlook presentation is available here.

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Fed Withdrawing Liquidity

QE had a positive impact on the stock market and QT will have the opposite effect see chart below.

Chart showing the Fed's removal of liquidity is hurting the stock market
Source: Bloomberg, Apollo Chief Economist. Note: US reserve balance forecast generated by regressing reserve balances on Fed Funds target rate and Fed balance sheet.

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Bankruptcy Filings Starting to Move Higher

The weekly data for bankruptcy filings have shown a modest uptick in recent weeks see chart below. This data is for companies with more than $50mn in liabilities. With the Fed keen on slowing down inflation investors must monitor high-frequency data for any sign of monetary policy beginning to cool down the economy.

Chart showing an uptick in companies filing for bankruptcy
Source: Bloomberg, Apollo Chief Economist. Note: Filings are for companies with more than $50mn in liabilities

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Yield Levels in Public Markets Still Very Low

Yes, interest rates have increased, but 61% of all bonds in the world still trade at less than 3%. See chart below.

Chart showing that 61% of global bonds still have a yield less than 3%
Source: Bloomberg, Apollo Chief Economist

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Video: Outlook for the Economy and Markets

I had a 45-minute conversation with Nic Millikan at CAIS about the outlook for markets and asset allocation including for alternatives:

https://www.caisgroup.com/videos/cxo-or-podcast?video=s2e7-apollo-global-management-inflation-interest-rates-divergent-macroeconomic

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Equity Investors Too Optimistic?

The chart below shows consensus expectations for GDP growth and consensus expectations for earnings growth over the coming quarters. Economists see growth slowing as we go through 2022. Equity investors see a rebound. This is not consistent. Either equity investors are too optimistic or economic forecasters are too pessimistic.

Chart showing conflicting forecasts for earnings growth and GDP
Source: Bloomberg, Apollo Chief Economist

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Mortgage Rates Rising

When mortgage rates go up, home prices rise. This may sound counter-intuitive, but the logic is simply that when growth is strong and incomes go up, the housing market also tends to be strong, leading to a more hawkish Fed and higher rates.

The chart below shows that episodes with a positive correlation between rising rates and rising home prices typically last several years. For more see also our US housing outlook.

Chart showing that periods of rising interest rates is tied to rising home prices
Source: FRED, Apollo Chief Economist

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Airline Ticket Prices Rising

Airfares increased 10% month over month in March bringing the annual increase in ticket prices to 24%, see chart below.

Chart showing strong increases in airfare prices
Source: BLS, Apollo Chief Economist

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Quant Strategies Struggling When Inflation is High

Risk parity has not worked well since the Fed turned hawkish in November, see chart below. Also, quant strategies assuming stable historical relationships are not working very well at the moment simply because they have not seen these levels of inflation before.

Chart showing risk parity strategies have not worked well since the Fed turned hawkish in November
Source: Bloomberg, Apollo Chief Economist (BBG ticker: RPAR US Equity, SPRP10T Index )

Recent Posts

  • Supply Chains Are Back to Normal
  • Is Inflation High Because of Demand or Supply?
  • Financial Well-Being
  • Multi-Asset Credit: The Asset-Backed Finance Allocation
  • Outlook for Regional Banks

Recent Comments

No comments to show.

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • January 2021

Categories

  • Course Introductions
  • Economic Intelligence
  • Investment Knowledge
  • Perspectives
  • podcast
  • The Daily Spark
  • The View from Apollo
  • The Weekly Brief
  • Uncategorized
  • White Papers

Posts navigation

Page 1 Page 2 Page 3 Next page→
  • Privacy Notice
  • Terms of Use
  • Forward-Looking Statements
Apollo
© Apollo Global Management, Inc. All Rights Reserved.

The Apollo Academy is for informational and educational purposes only and nothing contained herein should be taken as investment advice or a recommendation to enter into any transaction. They are not an invitation by or on behalf of Apollo to any person to buy or sell any security or to adopt any investment strategy, and shall not form the basis of, nor may it accompany nor form part of, any right or contract to buy or sell any security or to adopt any investment strategy. There is no guarantee that the views and opinions expressed in this website will come to pass. For additional information, please see the disclaimers included in each piece of content or the legal page of our website here.