Private Equity CEO Claims to Understand Current "Non-Recession" Recession

Marc Rowan, CEO of Apollo Management, believes that the current economic downturn is a "non-recession recession" that is affecting asset holders more than the general population. While the Federal Reserve's interest rate hikes have caused a decline in asset prices, the labor market has remained strong, benefiting low-income households. However, the wealth gap is unlikely to close anytime soon due to the significant head start that higher-income households have in terms of asset ownership.