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Torsten Slok
Apollo Global (chief economist, partner)
First call on the ledger
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Where they stand
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Slok frames the current tech correction as a repricing of AI ROI timing: 'markets are now saying, show me the money, show me the returns' @1:05, and notes S&P 493 profit margins 'have literally done nothing for the last 10 years' @1:17, so the inflection must broaden beyond the Mag 7 and hyperscalers.
“that the correction we're seeing at the moment exactly is a reflection that maybe the returns on the ROI, on AI investments, are going to come, but they're just going to come slower than what markets are pricing.”
Asked if the market is wrong on the Fed: 'the market is still pricing, then we'll get a Fed hike later this year. So it is still the case' @3:40. He cites delayed tariff pass-through ('50% of companies basically said, no, we still have more pass through to do' @3:20) and says a surprise July hike is possible but 'That's not my expectation' @4:12. Note: in this 2026 tape half the FOMC debate is whether to HIKE under the Warsh Fed.
“I still think that the biggest risk is that the market is underappreciating, that rates will stay higher for longer, because inflation is higher.”
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