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Housing, healthcare and tuition make up a bigger and bigger share of spending for the average US household, which means relatively fewer dollars are available for discretionary spending, see chart below.
Sources: US Bureau of Economic Analysis (BEA), Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The number of births per woman has declined significantly in China, from 1.8 in 2017 to 1 today, see chart below. Also, the Chinese population has been shrinking since 2022.
Sources: United Nations, Haver Analytics, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The Milliman 100 Pension Funding Index tracks the funded status of the 100 largest corporate defined benefit pension plans sponsored by US public companies.
Specifically, the index monitors the financial health of corporate pension plans by comparing their total assets to their projected liabilities, and the latest reading of the funded ratio (assets divided by liabilities) shows that corporate pension plans have more than enough assets to cover future obligations, see chart below.
Note: Funded status measures planned assets minus projected benefit obligation. Sources: Milliman, Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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When the Fed started raising interest rates in early 2022, foreign private investors started buying more US Treasuries, despite the associated increase in hedging costs for foreigners, see chart below.
The bottom line is that foreign private investors like higher nominal US yields. But demand from foreign central banks and sovereign wealth funds is not sensitive to changes in yields.
Sources: US Department of Treasury, Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Demand for gold has increased significantly among households in China. This trend likely reflects the strong rally in gold prices, concerns about the ongoing decline in home prices, and worries about deflation and the weakening of the yuan, see chart below.
Sources: Bloomberg, Apollo Chief Economist See important disclaimers at the bottom of the page.
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Almost 90% of stablecoin use is crypto trading, which will likely continue to grow.
The big breakthrough will be if US dollar stablecoins will be used for retail payments globally.
If the US dollar stablecoin market grows into the trillions, it will significantly grow demand for US T-bills.
There are financial stability risks because money will be moved around quickly if depositors lose confidence in a stablecoin issuer.
For more discussion, see our chart book here.
Note: USDT is as of Q125 and USDC as of May 2025. Sources: US Treasury, Macrobond, Circle, Tether, Apollo Chief Economist 
Note: Total may not sum to 100% due to rounding. Sources: BCG, Stablecoins-five-killer-tests-to-gauge-their-potential.pdf, Apollo Chief Economist 
Sources: Artemis, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The total addressable market for European direct lending to large-cap companies is enormous. Ninety-six percent of firms in Europe with revenue greater than $100 million are private, see chart below.
Note: For companies with last 12-month revenue greater than $100 million by count. Sources: S&P Capital IQ, Apollo Chief Economist See important disclaimers at the bottom of the page.
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A growing share of US household assets is owned by people age 55 and above, see chart below. A contributing factor is the aging of the population, as there are more and more people in this age group.
Sources: Federal Reserve, Macrobond, Apollo Chief Economist See important disclaimers at the bottom of the page.
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The Congressional Budget Office estimates that if AI results in permanently higher GDP growth and permanently lower inflation, it could solve the US fiscal problem, see chart below.
Sources: The Long-Term Budget Outlook Under Alternative Scenarios for the Economy and the Budget | Congressional Budget Office, Apollo Chief Economist See important disclaimers at the bottom of the page.
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To calculate CPI inflation, BLS teams collect approximately 90,000 price quotes every month covering 200 different item categories, and there are several hundred field collectors active across 75 urban areas.
When data is not available, BLS staff typically develop estimates for approximately 10% of the cells in the CPI calculation. However, the share of data in the CPI that is estimated has increased significantly in recent months and is now above 30%, see chart below.
In other words, a rising share of prices going into the CPI at the moment are guesses based on other data collections in the CPI.
Note: Different cell imputation is where uncollected prices are imputed from collected prices of the same item in other geographic areas or from collected prices of related item categories in the same geographic area. Sources: BLS, Apollo Chief Economist See important disclaimers at the bottom of the page.
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