Last week’s employment report revealed that the US economy created 315,000 jobs in August and that the unemployment rate increased from 3.5% to 3.7%. Overall, the employment picture remains strong, which tells us that the Fed is likely to raise interest rates again at their next meeting on September 21—probably by 75 basis points. In the week ahead, we will be closely tracking the European Central Bank meeting. Conditions in Europe are similar to the US in terms of elevated inflation and an overheated labor market, but with the additional risks posed by the ongoing situation in Ukraine. Despite those pressures, the consensus expects the ECB to raise rates by 75 basis points. Against this backdrop, CEO business confidence levels continue to decline significantly, a trend that raises the risk of a hard landing. However, at this point, most data—including last week’s strong US employment report—continues to point to a soft landing.
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.