Apollo’s Kleinman says wage, housing inflation to limit Fed cuts
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Scott Kleinman, Co-President of Apollo Global Management, states that investors have unrealistic expectations for multiple Federal Reserve rate cuts in the next year; futures traders are pricing in 10 quarter-point cuts, which Kleinman believes is unlikely without a recession; he notes that wage and housing inflation will restrict the Fed's ability to lower rates; Kleinman spoke at the Livewire Live investment conference in Sydney on September 17, 2024; he emphasizes that the economy is growing more slowly than earlier in the year and warns that markets are overly optimistic, conditioned by a prolonged economic expansion lasting over 14 years.

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