Apollo's Slok: Economy Not Slowing Down, Fed Won't Cut Rates

Torsten Slok, Apollo Global Management partner and chief economist, says the economic tailwinds continue to be strong and the Federal Reserve will stay higher for longer on Bloomberg Television.
For more on this story, please see: www.bloomberg.com/news/articles/2024-03-01/apollo-s-torsten-slok-says-fed-will-not-cut-rates-in-2024

[@johnnyq4260]

Not slowing down my ass... They are cooking the books.

[@022100bmlotus]

@@user-yb4pq4my1o To destroy micro business (true capitalism)

[@briancolla6486]

I hear everyone blaming the Fed but they forget the amount of fiscal stimulus from deficit spending by Congress.

[@easyflowjoe875]

Wrong😒

[@SleepyBabyKittens-vb1hn]

@@easyflowjoe875 so deficit spending does nothing?

[@Barr894]

Who feeds the deficit spending? The Fed prints trillions to support the deficit spending. If a teenage child is spending out of control and their parent keeps in increasing debt to finance the childs spending allowance do you blame the child? That’s what you are doing. You must blame the fed who is creating the debt to allow the politicians to continue with their ever expanding deficits. History recap. Trump told Powell, print trillions more, forget the balance sheet and Powell said, yes sir, your wish is my command. So do you blame Trump?

[@4mb127]

Liquidity from government spending is pretty huge, which is why the market won't go down.

[@easyflowjoe875]

Correct😁

[@easyflowjoe875]

Wrong😒but nice try at trying to scare voters into voting for Trump@@DonaldTRUMP2024-xy7mg

[@tonicruger]

There are a lot of uncertainties in the market, Don’t know if its the right time to liquidate $900k . Totally confused.

[@maddysys]

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[@kurttSchuster]

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[@Mcllwain]

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[@kurttSchuster]

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[@Mcllwain]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her

[@bhavikshah5016]

Why has the audio been sped up

[@Atom15]

he is a nervous speaker but you cant really believe in his opinion. His newsletter is great but that's the team behind him not him.

[@PeachGardenOath]

nice to encounter someone else who follows Daily Spark@@Atom15

[@coolkicker9951]

Hes German

[@zNervouss]

Hahaha. I thought you he same thing what the

[@Kamatzz]

Torsten is definitely speaking more faster than the FED cuts.

[@PhilippBlum]

As if telling everyone things are going great is going to fix anything. People are not stupid, they know that their groceries were half of what they are now just a year ago.

[@matbob7249]

What people? With assets or without? Because those who own stuff got much richer and vise versa

[@lembafranck3490]

speak for yourself i m perfectly fine like many others

[@crazylegsgio2866]

OF COURSE THE ECONOMY IS NOT SLOWING DOWN ...DEFICIT SPENDING IS DRIVING GROWTH ....DOH!! SPEND 1.6 DOLLARS TO GET 1 DOLLAR OF GROWTH

[@dreamweaver80]

So true. I would also add that along with government spending on defense etc. that GDP is also being driven by an upper group of fairly wealthy people up to the richest people simply collecting interest and spending away.

[@nickvin7447]

The economy is absolutely slowing, but rates need to stay higher for longer.

[@easyflowjoe875]

Wrong😒

[@SleepyBabyKittens-vb1hn]

As measured by what?

[@egyoac]

FED shall need to cut rates from June or will need to bail many banks out!

[@careerdog]

It would be awesome if he shook his fists when he talked about the “struggle” and had a small mustache

[@arafat464]

Finally, a rational take!

[@Druuhew]

meh.. I think the Fed is smart enough to do a few cuts this year and ensure unemployment and layoffs don't spiral out of control. We're a lot closer to that reality than people like Slok like to think, and I think the Fed knows it. Inflation is coming down, so they are being successful, but they have a dual mandate and I don't think they're going to sit and watch the job market croak just because the better half of the stock market is doing well.

[@Tom_Quixote]

@@Druuhew Inflation is not coming down. It hasn't dropped since first half of 2023.

[@easyflowjoe875]

Wrong😒

[@authoredens581]

His speech is hypnotic, driven in part by his conviction in his thesis.

[@easyflowjoe875]

Wrong😒 He needs to either stop drink too much coffee or stop using yayo.

[@peterdangelo5882]

German or Irish, very serious talkers.

[@022100bmlotus]

@@easyflowjoe875 and shave every morning

[@deepblue523fl]

This guy talks real fast and says a lot. You got to pay attention. I like it.

[@jaym9846]

Don't worry. If FED can't stop inflation, consumers will.

[@AJ-iu6nw]

what is that supposed to mean?

[@McMalhon]

“The best cure for high prices is high prices”

[@matbob7249]

How? In the environment where something is about to break gets bailed out? Top 1% benefits from inflation. It’s here to stay, only what matters is what side are you in

[@brianregan6041]

People stop spending when everything is so deare then big rescession depression!its coming everyone can feel it nothing is coming down price wise only going up.

[@matbob7249]

@@brianregan6041 quite an English on you!

[@satya73]

every family is trying to find deals and avoid paying high in any activity and the slow down is happening everywhere..too expensive to eat in restaurants so eat at home etc.. Looks like numbers are cooked and every family is getting pinched and has monetary pressure. That is not slow down?

[@seanburton5298]

Also immigration, the bad, and the good have come in, and our labor market has grown. Monopsies are also growing. This also includes everything this video talked about.

[@angrybrit129]

Immigrants don't get added to the job stats as they are illegal workers mainly

[@thomas316]

More people retiring but still buying stuff, fewer people entering the workforce making that stuff. Obviously inflation will persist.

[@peterbedford2610]

Cuts are coming. Too many banks have terrible CRE debt and 1% treasuries.

[@SkankHuntForty2]

Stocks are at all time highs for some absurd reason. People are using the gains for purchases and to help them survive.

[@Druuhew]

"People"? Only 60% of Americans even own stock, and most of that is in 401ks and pension funds which aren't readily accessible to a majority of people. As has been the case for many, many decades.. the rich are the ones getting richer (and I think a good chunk of those people don't even realize how much more wealth they have then the bottom half).

[@PK-uk3gh]

Slok is from EU and he does not understand Fed, election year and politics 😂 Guys, the Rest of the world is in such a bad place. Where would money flow ? Ask Mr.Slok where would he put his money ? Money will continue to flow to US stock market

[@matbob7249]

Couldn’t say better!

[@gustavoramos2441]

If Slok gets what he wants it would break the back bone of the US Economy. The text books never factored in the BNPL that we are experiencing @@matbob7249

[@Druuhew]

So true.. I am more generous though, I think it's less about an election (Powell has had the job under both Trump and Biden after all) and more about the dual mandate. They can't just sit by and let the job market blow up just because a few economic analysts think we're doing better than they previously assumed. I've seen nothing but layoffs and people in tough situations on my LinkedIn feed.. it's not as rosy out there as the market wizards think.

[@Dennis_510]

You're right!

[@easyflowjoe875]

Correct 😁

[@penmax5137]

Economy not slowing down??? WTF. What planet??? So many of us go laid off. Odd news.

[@harleymandk]

Apollo got money in the bust SAS in Denmark....and Torsten Slok is Danish... wonder why ! please note : "Shares in Scandinavian Airlines plunge to become almost worthless after rescue deal announced"

[@dushmaestro]

What absolute nonsense. This guy had no clue. He’s saying equity financing somehow magically has cost of capital that is uncorrelated to fed funds rate which is absurd unless he’s saying equity financing is coming from some alternate economy like the drug money market

[@easyflowjoe875]

Correct😁

[@022100bmlotus]

So you know.... I am small time, and I lend out short term money, and I get 9-10%. Its not great but, I dont worry about it. Monthly income.

[@josepp4evr]

He speaks like that person that it was sent to say that everything was going to be okay right before everything went down to hell!

[@022100bmlotus]

Bernanke- esq

[@rockywinn]

This was good

[@TheMauriambrosi]

So, whatever Powell says nobody believes his words. The point here is until now he's always done what he said he would. He said he's going to cut 3 times this year. That's what he will do.

[@Jeremymich1985]

The economy has already suffered some damage from the interest rates due to inflation. Even if the feds don’t cut rates or do another hike, these high interest rates already at play now will continue to slow economic growth farther and things will remain unaffordable for citizens. Inflation is biting everyone today.

[@lembafranck3490]

the last time i v checked people keep spending and wages have been heating up so your assessment is a little bit too pessimistic

[@022100bmlotus]

except Gov workers

[@digitaltrending384]

Man has 1.5x set as default speed 😮😢😭

[@aai2184]

Tailwind is from increasing/expected increase in global liquidity / M2. China, Germany will print more money to stimulate economy? Fed in tight spot. Also whos in that 15% of people that think Fed will raise rates? Rates come down like elevator, tighening ends in crisis

[@penmax5137]

So In Austin TX home values dropped by $60K and more. Cannot rent out. Paying mortgages are very painful. So yeah. Cut the interest rate. It’s hurting real ppl. BTW Unemployment rate is high. Seeing many ppl looking for jobs and getting laid off. So not sure what planet Bloomberg is on. Cannot relate.

[@kyler565]

"A permanently high plateau"

[@boosted2022]

So insane how disconnected you all are from the actual economy. People are getting laid off in masse, people are unable to find full time jobs. Just because the rich are getting richer doesn’t mean the poor aren’t getting poorer.

[@SleepyBabyKittens-vb1hn]

The unemployment rate doesn't seem to support this

[@insiderich7372]

​@SleepyBabyKittens-vb1hn unemployment rate? So if a guy loses a well paying job and does 3 jobs now to survive, is that progress or regress? Based on 'experts', he is now 'super employed'...what kind of jobs are being created - in Wendy's or BigTech...that doesn't matter?

[@SleepyBabyKittens-vb1hn]

@@insiderich7372 while that scenario sounds like it makes sense, the greatest harm to jobs has been wage stagnation. Some "good job" shifts have happened, but wage plateau during inflation for 50 years caused more wealth inequality.

[@boosted2022]

@@SleepyBabyKittens-vb1hn the sad part is that A) you believe the numbers they’re putting out And B) you don’t understand how they’re obviously omitting large data sets of UNEMPLOYED people to offset the unemployment number, by saying that they’re “electively” unemployed because they were laid off and have been actively looking for work longer than 8 weeks. I personally know many people like that. So don’t say it’s exaggerated.

[@lembafranck3490]

@@boosted2022 speak for yourself i m doing just fine like many others the economy is just fine you r a magat zeelot trying to diffuse your propaganda

[@Ched747]

Must be good Charlie

[@free-qe6wx]

There has been no QT this cycle. The funds rate is still not restrictive, and their balance sheet unloading rate has been a joke. At no point were financial conditions actually tight over the last couple of years. But go ahead and keep pretending the job market is falling apart and that inflation is defeated.

[@user-ph2qg1iz9u]

GROY and AG 🚀🚀🚀 u heard it here first

[@SleepyBabyKittens-vb1hn]

More interest means higher expenditures the U.S. has to pay out in treasury bond debt. America's federal debt will 1 day bankrupt America.

[@lembafranck3490]

america has the world currency and the military and financial might to sustain it s deficits your dommsdays predictions are a little bit ridiculous at this point

[@cvrart]

2025 maturity wall. Higher for longer will eventually spoil the party.

[@easyflowjoe875]

Correct😁

[@noneofyourbusiness5433]

Bro had way too many coffees before the show.......

[@Dennis_510]

Market not slowing down either

[@lokesh303101]

Data is the Basis.

[@jordanmetcalf9496]

They just wanted to appear to be restrictive without actually doing so, so they could buy the dip after they first started hiking and Blackrock got their etf. Scammers.

[@gk505]

Is this scottisj accent or welsh accent?

[@angrybrit129]

Dutch 😂

[@matbob7249]

Exactly! Lol.

[@giudk1351]

Definitely DANISH

[@Tom_Quixote]

This is the way a Danish man speaks English when he's nervous about being on television and after drinking way too much coffee.

[@paullee9982]

One continuous thought verbalized…

[@dangood2287]

Im prepared for more rate hikes

[@easyflowjoe875]

Great you want a cookie. Why don't you tell us about how good your life is @dangood2287? Oh wait on second thought don't tell us because none of us know who you are.

[@dangood2287]

@@easyflowjoe875 haha love the bitterness

[@kurdi98k]

Wrong. Unemployment rate is up 0.2% in one month.

[@jamisonmunn9215]

The fed needs to raise interest rates. The inflation needs to be tamed once and for all. Hopefully the next administration will help reign in spending and then prices will finally fall, dramatically.

[@easyflowjoe875]

Wrong😒

[@SleepyBabyKittens-vb1hn]

What makes you think the current "high rate" isn't sufficient to keep dropping inflation to 2%?

[@JjakeTradesFx]

heatmap shows big short puts.

[@JjakeTradesFx]

you can't trick me

[@forexsomesh-sv9ls]

awesome 🙏🙏🙏

[@easyflowjoe875]

Wrong😒

[@PabloChicano]

Hope treasuries stay up or go higher!👍

[@billyhopkins10]

We need the rates to stay higher to slow the Real Estate takeover and slow the exponential growth on everyday necessities like groceries. It will be tough but it’s better for the long term. We need to think about the future not the present. Thinking about the present with crazed Covid spending and printing money got us in this crisis. If we lower rates all the work to slow inflation would be for nothing.

[@All-gp3tt]

Casino

[@chuyenpham3336]

Agree for this

[@easyflowjoe875]

It's I agree with this not "agree for this" you type like a Russian bot.

[@georgemaximus694]

From 6 rate cuts to zero rate cuts… this market is laughable 😅

[@easyflowjoe875]

Just because some economist high on yayo said no rate cuts dosen't mean to will happen. It's just one man's opinion. Try to remember that @georgetinypeni@694.

[@georgemaximus694]

This market is a just huge casino. Nothing is for sure but the market did priced in 6 rate cuts and they are now talking about zero rates cuts. The Fed hasn’t done anything yet but talked about rate cuts and look what the market did already. It’s hilarious 😂

[@jamesklaatu9359]

This guy needs to take a breath. He sounds more like a salesman bidding the market higher. Intending to sell. Almost a panic.

[@internetpointsbank]

Print and gov spend our way put of this.

[@easyflowjoe875]

Wrong😒

[@peterdangelo5882]

He is correct - no cuts

[@easyflowjoe875]

Wrong😒

[@022100bmlotus]

This is with intent. Smoked private business. Micro businesses are toast. But I ask, are these guys so important and so busy that they cant take the time to shave in the morning. Is it now best to look like a slob?

[@Andrew-dp5kf]

I agree, there won’t be any cuts this year.

[@douglasx6915]

Once again, no one knows anything.

[@nickynick1014]

Mans talking too damn fast

[@peej91]

👍 this guys got it

[@nextfriiday]

All the wrong people are still spending money. The ones who don’t have it (credit) and the ones who do (market). People are so dumb they’re taking on 3k monthly mortgages. Stupidity can’t be fixed.

[@easyflowjoe875]

Wrong😒

[@paulblack8887]

An unsettled year ahead.

[@paulb4540]

Dude, breathe 😅

[@satpolpp1]

Cant decide whether this guy want to sound like a german or a scot

[@enthused7591]

So glad they're not cutting rates, but I can promise you the market is crashing and inflation is turning into deflation faster than ever in history, but they're not telling you the truth about those numbers. The government understands that the greatest crash since the 1930s is 100% necessary for the long-term health of the bottom 85% of earners to get their purchasing power back. Unfortunately, unemployment will triple in the next 3 years AS stocks and real estate crash 55-60%. Can't ignore math, and ALL the math with no exceptions shows that the worst recession in world history is coming, and the US will get it worse than 2008-2010, by quite a lot.

[@easyflowjoe875]

Wrong😒 and maybe you should get an education in economics. Oh and maybe you should also visit a shrink who might help you become enthused again.

[@freedinner886]

Very annoying voice

[@Relaxlifeisshort2]

Jobs number are wrong All lies Apolo is lost. If they have the right numbers they would see that.