Torsten Slok said the U.S. economy is running pretty hot despite facing energy-price headwinds and persistent inflation pressures [1, 3].
This assessment suggests that the broader economic momentum is strong enough to withstand multiple simultaneous shocks. If the economy remains resilient while inflation persists, it may complicate efforts by policymakers to stabilize prices without triggering a downturn.
Slok, the chief economist at Apollo Global Management, said these trends during an appearance on CNBC’s "Closing Bell" program on April 10, 2026 [3]. He said that the economy remains strong even as it navigates a complex set of challenges, including higher-for-longer interest rates and specific volatility in the software sector [1, 4].
According to Slok, the software sector is currently facing disruptions linked to the rise of artificial intelligence [4]. While AI offers long-term potential, it has created immediate challenges for established software business models. These sector-specific struggles are occurring alongside broader pressures from energy costs [3].
Despite these headwinds, consumer resilience continues to drive growth [3]. Slok said that this momentum is effectively offsetting the drag created by lingering inflation, and the transition within the tech labor market [4].
The intersection of AI-related shifts and high interest rates has created a unique environment for corporate spending. While some sectors struggle with the transition, the overall economic engine continues to hum [3].
“The U.S. economy is running pretty hot”
The persistence of economic growth in the face of high energy costs and AI-driven industry disruption suggests a decoupling of macroeconomic health from specific sector volatility. However, a 'hot' economy during a period of persistent inflation often signals that interest rates may need to remain elevated for longer to cool demand, potentially increasing the pressure on the software sector's transition to AI-centric models.
