Quick Read – Apollo’s Torsten Slok argues oil’s 22% two-month drop below $80 already undercuts the Fed’s hawkish dot plot, released just 24 hours earlier. – Warsh’s deliberate refusal to provide forward guidance was instantly vindicated when oil prices moved sharply the very…
xt day after the FOMC meeting. – JPMorgan entered 2026 pricing 80 basis points of cuts, an assumption Slok says now looks brittle as the rate path shifts in 48-hour cycles. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apollo Global Management didn’t make the cut. Grab the names FREE today
Torsten Slok, the Apollo Global Management (NYSE:APO) chief economist who has spent the past year warning that the Fed would have less room to cut than markets wanted, went on CNBC last week and essentially argued that his own thesis had just been overturned by a barrel of oil. The Federal Open Market Committee had delivered a hawkish dot plot the day before, and within 24 hours the inflation backdrop underneath those dots had moved sharply in the other direction. The speed of the reversal is what makes this moment unusual: a single FOMC cycle now contains both a hawkish signal and the commodity move that could neutralize it.
Oil’s two-month round trip from $120 to the high seventies WTI crude peaked at $114.58 per barrel on April 7, 2026 and is now near $73. Slok rounded the move to a cleaner frame, telling viewers “it’s only two months ago when oil prices were $120 a barrel and now we’re below 80… that indeed has some very significant implications for the inflation forecast.” The pass-through is already visible at the pump. Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apollo Global Management didn’t make the cut.