During the Milken Institute Global Conference, Apollo Global Management CEO Marc Rowan shared his belief that the economy is on track for a soft landing. He stated that growth will continue and a recession will be avoided despite a series of interest rate hikes by the Federal Reserve.
While recent economic data has been met with mixed responses from the markets, the numbers support Rowan’s assessment. The US economy expanded by 1.6% in the first quarter, which is positive news as it shows growth rather than contraction. GDP growth for 2023 was at a 2.5% annualized pace, which defied earlier predictions of a mild recession by Wall Street firms.
Apollo Global Management also saw positive results in their first quarter earnings. Total assets under management increased by 12% year over year to $671 billion, and the company experienced record quarterly debt origination volume of $40 billion and a 13% increase in asset management fees driven by demand for retirement services.
Apollo shares have risen by 22% year to date, outperforming the S&P 500’s gain of 9%. The company is the parent company of Yahoo Finance, where Brian Sozzi is the Executive Editor and host of the “Opening Bid” podcast. Readers can follow Sozzi on Twitter and LinkedIn for more insights and news. For tips on deals, mergers, activist situations, or other topics, you can email brian.sozzi@yahoofinance.com. CEOs interested in appearing on Yahoo Finance Live can also reach out to Brian Sozzi. Visit Yahoo Finance for the latest economic news and indicators to help make informed investing decisions
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