Another HUGE call from Apollo this morning: "The Fed will not cut rates this year, and rates are going to stay higher for longer." Apollo says the US economy is not slowing down, and the Fed pivot has provided a strong tailwind to growth since December. They also note that many measures of inflation are pointing higher again including Supercore Inflation at 4.5%. Meanwhile, asking rents are rising, more cities are seeing rising rents, and home prices are rising. Just 2 months ago, markets were pricing-in 6 rate cuts in 2024. The Fed's job is far from done.