The top executive at a leading investment company said that inflation is reaching every part of his company’s portfolio.
Marc Rowan — who is the CEO of Apollo Global Management, which manages $472 billion in assets — said during an interview on CNBC that increasing prices are coming into play in every part of his business.
“There is not a single place where we don’t see inflation. Everything we once did now takes more,” Rowan said to CNBC’s Leslie Picker. “Pressure on inventory, Lead times, pressure on supplies, on employment. Our experience inside our portfolio is really not different than the larger economy.”
CNBC reports:
“Rowan stated it will be seen shortly if inflation is transitory — which is to say temporary — as Fed chair Jerome Powell has said it would be. Still, Rowan thinks inflation will go down as the recent spending boom goes down and United States natural low-inflation pressures like slow population growth, come back to show themselves…”
“Rowan said he was not sure if Apollo could control the inflation in the company’s portfolio but that it was his company’s job to do well during any environment. He also said that markets seemed to be “priced for perfection” and currently at risk for a correction but that there were still places where people could get value.”
Indeed, Rowan is not the only top businessman to see the huge effects of inflation on the United States economy.
John Catsimatidis — the CEO and owner of Manhattan-based grocery stores Gristedes Foods — said to Fox Business back in July that Americans should expect higher prices for basic goods over the coming months.
“We are both in the food sector, and we are in the oil business. Food prices are increasing, and we expect prices to go higher by October,” he said. “We are seeing anywhere from 10% to 14% by Oct. 1. It is a real number.”
“And oil prices — I know they are somewhat off, but I expect even greater numbers,” he said. “It’s a sine wave — it goes up and down. I expect by Oct. you will have more than a 6% annualized rate of inflation.”
Author: Scott Dowdy
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