Learn about our firm, our purpose, our people and our offices around the world.
Apollo stands as a key financing partner for some of the most innovative sectors driving our future.
As markets change, Apollo transforms by creating innovative and differentiated strategies that are defining the future of finance.
Discover what makes Apollo an innovative capital provider, future-focused asset manager and leader in wealth management and retirement solutions.
Discover Apollo’s latest perspectives, case studies, research and analysis shaping conversations about private markets.
Explore resources designed to support private markets investors and public shareholders.
November 14, 2026
Partner, Chief Economist
October nonfarm payrolls and CPI were strong, the AI spending boom continues and the Atlanta Fed estimates fourth-quarter GDP growth at 3.5%, significantly above the 2% potential growth rate.
At the same time, regional Fed surveys of prices paid, shifted six months forward, point to a continued strong uptrend in inflation, with PCE inflation moving towards 6%, see chart below.
The bottom line is that strong demand, combined with ongoing supply shocks to imports, labor and energy, raises the risk that the Fed is falling behind the curve and will have to raise rates much more than markets currently expect.
For more discussion, see also our recent Spark here.
Sources: Federal Reserve Bank of Dallas, Federal Reserve Bank of Kansas City, Federal Reserve Bank of New York, Federal Reserve Bank of Philadelphia, US Bureau of Economic Analysis (BEA), Macrobond, Apollo Chief Economist
Tell us your role for a more relevant Apollo.com experience.
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.
Social
Explore Apollo
More Information
© Apollo Global Management, Inc. 2026 All Rights Reserved.
