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Torsten Slok is Chief Economist at Apollo Global Management, known for widely followed research notes on macroeconomic trends, markets, and economic risks.
The 10-year Treasury yield reached about 5.22% from 4.75% in August, a level last seen in 2007, Axios reported. Wall Street analysts say heavy AI borrowing could make financing harder for the government, other companies and households.
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Kevin Warsh's hawkish Fed sent the 10-year Treasury yield up more than half a point to about 5.3% in September, a Fortune column argues. Its own account of traders dumping long bonds describes the term premium it dismisses, with the Fed as the cause.
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Meta's Muse agent can find and cancel recurring subscriptions, aiming at the inertia and friction Stanford economists say roughly double sellers' revenue. Subscription spending still grew 7.7% in July, so the test is whether that growth slows once agents start making households decide.
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Bank of America Institute data show job-switchers' pay growth fell from nearly 18% in 2022 to 8% in early 2026, against 5% for stayers. Employers saved mostly on hiring offers, and a September update shows that premium climbing again.
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S&P 500 stocks hit a record on tech gains as Goldman Sachs forecast that Nvidia and Micron would supply a third of the index's third-quarter earnings growth. That leaves the season's headline growth rate dependent on two chip suppliers.
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New Jersey's utilities board warned power bills could rise up to 20% from June 1, with data centers a key driver. Utilities elsewhere are building the same demand into their pricing, so energy belongs among the costs an operator should expect to climb.
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Apollo economist Torsten Slok warns AI agents could sweep cash from 0.1% bank accounts into fintech accounts paying 3.3% to 5%, even causing bank runs. Bank AI veterans call a run a long way off, yet expect agents to make deposit moves faster and more coordinated than banks have seen.
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Apollo chief economist Torsten Slok warns AI agents could move household cash out of 0.1% checking into accounts paying up to 5%, in near-unison. Banks lend that cash out assuming it stays put, and losing it would take away the cheap base that makes their lending profitable.
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Gucci is making its newest $1,000 sneakers in China at a factory it picked for technological know-how, ending a 105-year Italian tradition. Chinese supplier capability has already cut into German carmakers' sales in China and now reaches a European luxury house, so far through a single shoe.
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America's national debt topped $40 trillion in August, more than double China's, while its 126% debt ratio trails Japan's 207%. Japan holds about 90% of its debt at home, and the US has to find buyers for about $7 billion of new borrowing a day.
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More than $100 billion in tariff money has gone back to importers, adding an estimated 0.2 point to third-quarter GDP. It does not repeat, and much of it is already promised to someone else.
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The federal government is on track to spend about $970 billion servicing its debt in fiscal 2025. The whole gap between that burden and corporate America's is attributed to when each side refinanced.
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Of the 21% of first-half 2025 layoffs Gartner could link to AI at all, 17 points were legacy units cut to pay for AI engineers, salespeople and data center staff. Cuts from AI productivity gains stayed near 1%.
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Peter Oppenheimer's new note argues that AI capex and government deficits are bidding for the same savings. His figures are issuance forecasts; Apollo's Torsten Slok is reading the same story in bond spreads that already trade wider.
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Praveen Neppalli Naga says treating AI cost as an engineering problem lowered Uber's cost per token even as employee use grew. The spending data for the wider enterprise market points the other way.
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Labor's share of nonfarm business output was 52.8% in the second quarter, the lowest since the series began in 1947, and the study now being read as the AI explanation for it measured just 11 highly exposed occupations.
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The GAO counted 12,346 Amazon workers on SNAP across eleven states, close to triple its 2020 finding, over a stretch in which the company's annual profit went from $11.6bn to $77.7bn. Labor's share of output is 52.8%.
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Apollo's numbers put the AI wage penalty at 6.7 points of real growth across eleven occupations with no job losses, while the equity wealth Morgan Stanley calls a cushion sits with the households that own the AI trade.
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Michael Froman's Foreign Affairs case rests on two reported figures, a $1.2 trillion goods surplus for 2025 and a 20%-plus growth rate in early 2026, and the arithmetic between them is what turns tariffs from an event risk into the working assumption.
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J.P. Morgan and Apollo reached the same diagnosis a day apart, and Druckenmiller put a price on it: a 5.5% 30-year is not a crisis, it is a bill.
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