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Torsten Slok

Chief Economist, Apollo Global Management

Search every verified Torsten Slok interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Torsten Slok, Chief Economist at Apollo Global Management, appeared on Bloomberg Television on August 24, 2026, to discuss the US Treasury's strategic debt buyback operations and their impact on markets. He described the Treasury's actions—including interventions to push long-term rates down, increased FEMA-related spending, and potential use of the Treasury General Account—as an "almost campaign" that places a "cloud" over rate markets. Slok noted that these initiatives have had limited effect on their own but could have a larger impact if the Treasury General Account is deployed. He also stated that fundamental forces driving rates higher, such as elevated inflation and the fiscal situation, remain in place, and that these interventions are "spot interventions" rather than changes to underlying dynamics. Slok also discussed the risks of interventions aimed at lowering long-term rates, saying that issuing more debt on the front end would lower the weighted average maturity of outstanding debt and increase the share of debt in T-bills. He addressed the Federal Reserve's policy outlook, suggesting that artificial intelligence is becoming an important topic for upcoming Fed meetings. Slok said that in the near term, AI buildout is inflationary due to hiring, equipment purchases, and construction, but that once AI is adopted and deployed, it would likely be disinflationary. He also predicted that AI could reverse the "K-shaped" consumer pattern, with higher-skilled, more educated workers facing lower wage and job growth, while blue-collar workers continue to see stronger wage and job growth.

Recent appearances

  • Apollo's Slok on Housing, US Economic Growth, Fed Policy

    October 12, 2026 · 📺 Bloomberg Television

    Apollo Chief Economist Torsten Slok talks about the impact of higher interest rates on the US housing supply. He also discusses the prospects of an AI-induced bank run and which parts of the economy are the most sensitive to Federal Reserve interest rate moves. He speaks on "Bloomberg Surveillance." -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, featur…

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  • Treasury Buybacks Are a 'Cloud' Over Markets, Apollo's Slok Says

    August 24, 2026 · 📺 Bloomberg Television

    Apollo Chief Economist Torsten Slok comments on the economic impact of the the US Treasury's strategic debt buyback operations. Speaking on "Bloomberg The Close," Slok also discusses the outlook for Federal Reserve monetary policy. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X:…

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  • Fed Chairmain Warsh 'has been unfairly treated,' says Apollo Global's Torsten Slok

    August 07, 2026 · 📺 CNBC Television

    Torsten Slok, chief economist at Apollo Global Management, joins ‘Squawk on the Street’ to discuss the market's response to July's job report, President Trump's input on the Fed's decision, and what the future holds. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price update…

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  • Apollo's Slok Says Warsh Silence Fuels Treasury Selloff

    July 29, 2026 · 📺 Bloomberg Television

    Federal Reserve Chairman Kevin Warsh's decision to abandon forward guidance on monetary policy is driving bond market volatility, with 30-year Treasuries selling off after Wednesday's rate decision, according to Torsten Slok, chief economist at Apollo Global Management. He speaks on Bloomberg Television's "The Fed Decides." -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-m…

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  • AI Dominates Economy and Markets with Torsten Slok | The Real Eisman Playbook Ep 68

    July 13, 2026 · 📺 Steve Eisman

    Sign up for The Real Eisman Playbook Premium at https://realeismanplaybook.substack.com/ On episode 68 of The Real Eisman Playbook, Steve Eisman sits down with Torsten Slok, Chief Economist at Apollo, to break down just how dependent the U.S. economy has become on AI. Torsten walks through the K-shaped economy in detail, explaining why the top third of American consumers are doing fine while the bottom two-thirds are under severe and growing stress. They also discuss the Fed's impossible position, why Jerome Powell is unlikely to cut rates anytime soon, and what a slowdown in AI spending woul…

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  • Significant slowdown in AI payoff could tip economy into a recession, says Apollo Global's Slok

    July 09, 2026 · 📺 CNBC Television

    Torsten Slok, Apollo Global chief economist, joins 'Fast Money' to talk his note on how an AI drop off could have a negative impact on the economy.

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  • Gas prices have significant implications for Fed's inflation forecast: Apollo Global's Torsten Slok

    June 18, 2026 · 📺 CNBC Television

    Torsten Slok, Apollo Global chief economist, joins 'Power Lunch' to discuss the latest Federal Reserve meeting, the stronger signal for the central bank and much more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.…

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  • Torsten Slok Shows Us How AI Is Eating the Entire US Economy | Odd Lots

    June 15, 2026 · 📺 Bloomberg Podcasts

    Apollo Global Management's chief economist Torsten Slok is known as the "King of Charts." That's why during our most recent show, at City Winery in New York, we invited him to do a presentation, on stage, for the live audience. In this bonus video-only episode, he dives into how AI has eaten up the entire US economy. His slide deck charts includes information on the massive data center build out, what's driving growth in the US economy, the industrial renaissance kicked off by the CHIPS Act, and AI's effect on GDP. In some ways, the conversation was almost prescient: He predicted that nonfarm…

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  • May job growth putting to bed fear around job loss due to AI, says Apollo's Torsten Slok

    June 05, 2026 · 📺 CNBC Television

    Torsten Slok, Apollo chief economist, joins 'Closing Bell Overtime' to talj the state of the U.S. economy after the May jobs report.

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  • Apollo's Chief Economist Torsten Slok Talks AI and US Economy | Bloomberg Talks

    June 01, 2026 · 📺 Bloomberg Podcasts

    The build-out for artificial intelligence will be inflationary in the early going, preventing new Federal Reserve Chair Kevin Warsh from cutting interest rates as quickly as he has suggested should be possible, according to Torsten Slok, chief economist at Apollo Global Management. He discusses this and more with Jonathan Ferro and Lisa Abramowicz. See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Bloomberg Talks curates top interviews from around Bloomberg News. Hear conversations with the biggest names in finance, politics and entertainment. On Bloombe…

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  • Apollo Chief Economist Torsten Slok Talks Energy Shock, Inflation | Bloomberg Talks

    March 27, 2026 · 📺 Bloomberg Podcasts

    Apollo Chief Economist Torsten Slok talks about the impact of the energy shock on consumers, inflation expectations and the US labor market on "Bloomberg Real Yield." See omnystudio.com/listener (https://omnystudio.com/listener) for privacy information. Bloomberg Talks curates top interviews from around Bloomberg News. Hear conversations with the biggest names in finance, politics and entertainment. On Bloomberg Talks, we round up interviews with Fortune 500 CEOs, government officials, well-known investors and business leaders. Listen to more Bloomberg Talks:    • Bloomberg Talks (Audio)…

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  • Apollo's Torsten Slok: A Fed rate hike is still 'extremely unlikely'

    March 26, 2026 · 📺 CNBC Television

    Torsten Slok, Apollo Global Management, joins 'Closing Bell Overtime' to talk the state of the U.S. economy and what is ahead for the Federal Reserve. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/42d859g » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Watch CNBC on the go with CNBC+: https://www.cnbc.com/WatchCNBCPlus Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNB…

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Verified interview transcripts

Notable quotes

“The risk with interventions in any shape and form in lowering long rates is that if you issue more on the front end, that has two risks. First of all, it lowers the weighted average maturity of debt outstanding. That means that the weighted average maturity of what is the debt level in terms of duration, that will become lower. In other words, we will simply get that much more debt is now in the front end. And the se”

“The underlying dynamics are, of course, that rates are going higher because inflation has been higher. And the fiscal situation unfortunately is also putting upward pressure on rates. So therefore those fundamental forces are still in place at the moment. So for that reason these are certainly more you could call spot interventions that are trying at certain points to limit how much rates are going up. But that being”

“So let's back up and think about exactly why private credit and why the financial system has changed so much since 200 because dod frank as you know better than anyone was implemented and that meant that the banks were essentially asked to do less and the market was asked to do more. So let's just agree that this was the rules changes that came after the GFC. This is what happened. This is where we are today. Right? ”

“The net effect of the K is that in aggregate the top 20% of consumers they account for 40% of consumer spending. The bottom 20% only account for 8% of consumer spending. So in aggregate total consumption is actually still okay. If you look at the weekly data from Redbook for same store retail sales. So that mean red book goes out a week once a week and ask retailers what were your sales this week relative to the same”

“If you think about your 6040 asset allocation, normally you think about, well, 60% in equities, 40% in bonds. Let's look at what's going on in the exercise first. And it's very clear as we all know very well, the ten biggest stocks in the S&P 500 now make up 39% of the index. In other words, the S&P 500 is no longer a diverse set of stocks. It really is a very big bet on AI. And what's interesting is that that's actu”

“The most important thing is that growth is, of course, coming from the data center buildout and associated energy spending. We are also beginning to see some early signs of productivity gains from AI, and we calculate that that source on its own is going to add about one percentage point to GDP growth in 2026. And remember GDP normally grows at two. And now roughly one percentage point is going to come from AI alone.”

Other executives at Apollo Global Management

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