The chief executive of a leading investment firm said that inflation is hitting every portion of the company’s portfolio.
Marc Rowan — the CEO of Apollo Global Management, which controls $472 billion in assets — said in an interview with CNBC that rising price levels are affecting every portion of his business.
“There’s not a place [where we are not seeing inflation]. Everything that we once did now costs more,” Rowan explained to CNBC’s Leslie Picker. “Lead times, pressure on inventory, pressure on supplies, pressure on employment. Our experience in our portfolio is really no different than the broader economy.”
CNBC reports:
Rowan said it remains to be seen if inflation proves to be transitory — that is, temporary — as Federal Reserve chair Jerome Powell has repeatedly said. Still, Rowan believes the price increases will ease as the recent spending boom decreases and U.S. natural low-inflation pressures, such as slow population growth, reassert themselves…
Rowan said he wasn’t sure if Apollo could find a way to control inflation in its portfolio but that it [sic] his company’s job to thrive in any environment. He also said that markets appeared to be “priced for perfection” and at risk of a pullback but that there are still places for investors to find value.
Indeed, Rowan is not the only leading businessman to witness the pervasive effects of inflation on the American economy.
John Catsimatidis — the owner and CEO of Manhattan-based grocery chain Gristedes Foods — told Fox Business in July that Americans should anticipate higher prices for basic expenses over the coming months.
“We’re both in the food business, and we’re in the oil business. Food prices are getting higher, and we expect even more increases by October,” he projected. “We’re seeing anywhere from 10% to 14% by October 1. It’s a real number.”
“And oil prices — I know they’re a little bit off today, but I expect even higher numbers,” he continued. “It’s a sine wave — everything just goes up and down. I expect by October you’re gonna have over a 6% annualized rate of inflation.”
The most recent data from the Department of Labor shows that inflation is presently at a year-over-year rate of 5.3%. Nevertheless, the Federal Reserve has not yet tightened its aggressive quantitative easing, and Democrats in Washington continue to advance a $3.5 social welfare spending program.
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Source: Dailywire
