Apollo Global Management CEO Mark Rowan Optimistic about Soft Economic Landing: Latest GDP Growth Numbers Support View
During the Milken Institute Global Conference, Apollo Global Management CEO Marc Rowan expressed his optimism that the economy has achieved a soft landing. This term refers to growth continuing and avoiding a recession despite interest rate hikes by the Federal Reserve. Rowan believes that this trend will continue.
Despite some mixed responses from the markets to recent economic data, the numbers support Rowan’s assessment. The U.S. economy grew by 1.6% in the first quarter, which is still expanding despite being the slowest pace in almost two years. In the final quarter of 2024, the economy grew at a 3.4% annualized rate, and GDP growth for 2023 was at a 2.5% annualized pace, defying predictions of a mild recession at the beginning of the year.
Rowan highlighted that despite a significant increase in interest rates, the economy has remained stable, which is a key characteristic of a soft landing. Apollo’s first-quarter earnings reflect a healthy economy, with total assets under management increasing by 12% year over year to $671 billion, benefiting from $40 billion in inflows. The company also reported record quarterly debt origination volume and an increase in asset management fees.
Apollo Global Management’s shares are performing well, up 22% year to date, outperforming the S&P 500’s gain of 9%. For those interested in staying informed about economic news and indicators, Yahoo Finance provides the latest updates. Additionally, Yahoo Finance offers financial and business news for readers to stay up to date with the latest industry developments. Email Brian Sozzi for tips on deals, mergers, or to inquire about appearing on Yahoo Finance Live.
