The Emperor's New Economic Model: Decoding the Forces Driving Markets in 2026

What happens when one of the world’s leading macro minds takes us inside the forces shaping 2026—and beyond?

In this episode, Greg Dowling sits down with Torsten Slok, Partner and Chief Economist at Apollo Global Management, to break down the forces shaping markets in 2026. They discuss the surprising resilience of the global economy in 2025, the transformative power of AI and the persistence of a K-shaped economy. Torsten also weighs in on private credit’s growth, China’s structural challenges, Europe’s fiscal pivot and the global industrial renaissance reshaping investment opportunities. He also reveals what may be next for inflation and the Fed—and uncovers the hidden risks that could shake up markets this year.

Join us for a forward-looking discussion on macro trends, market risks, and the future of investing with one of the sharpest minds in global economics.

Key Takeaways:

• AI is the biggest macro wildcard for 2026, its success or failure will shape productivity, inflation, and market trends.
• Inflation versus growth versus productivity—If AI underdelivers, stronger growth could reignite inflation and keep interest rates higher for longer.  
• The global industrial renaissance is underway as the U.S. and Europe reshore production in defense, semiconductors and strategic goods, creating lasting investment opportunities.
• China faces structural headwinds from shrinking demographics, housing stress and trade tensions that continue to weigh on growth prospects.
  

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