Apollo President: Don't listen to what the Federal Reserve says, U.S. inflation is still not tamed!

According to Zhitong Finance, one week after Trump won the U.S. presidential election, Apollo Global Management Co-President Scott Kleinman warned the market not to be overly complacent about the current trends in inflation and interest rates in the U.S. Trump vowed to impose significant import tariffs, and economists warned that these tariffs could exacerbate inflation. Meanwhile, the Federal Reserve has begun to cut interest rates, hoping to bring price increases back to 2%. In an interview on Tuesday, Kleinman stated, "Inflation is not under control. The Federal Reserve can say whatever it wants. You just need to open your eyes and look around." However, Kleinman noted that, aside from the potential impact of Trump's policies, inflationary pressures have already formed due to global trends such as digital infrastructure development and decarbonization. Kleinman said, "We will have to endure a higher interest rate environment for a longer period. The more the Federal Reserve cuts rates, the harder it will be to control inflation." He echoed the remarks of the company's CEO, Marc Rowan. Last month, Marc Rowan stated that he believes the Federal Reserve has no reason to continue cutting rates to stimulate the economy. Trump's victory has also led to predictions that, with the help of a softer policy from antitrust regulators, the merger and acquisition environment will be more favorable in the coming years. Although Kleinman acknowledged this expectation, he stated that the conditions for deals are more dependent on the strength of the underlying economy. He said, "Everything starts with the economy. Over the past few years, the economy has been very strong despite a regulatory environment that has been quite unfavorable for businesses." Apollo reported an adjusted net profit of $1.13 billion for the third quarter last week, or $1.85 per share. This exceeded analysts' expectations of $1.73 per share. The company targets wealthy individuals, helping its managed assets grow to $733 billion, a 16% increase from the same period last year. Earlier this year, Kleinman mentioned that the company sells about $1 billion in semi-liquid products to wealthy individual investors each month. On Tuesday, Kleinman stated that private capital's participation in the broader personal savings market is one of the key focuses, and he indicated that regulators may now be more willing to encourage this