‘Fed hikes are biting harder and harder,’ says Apollo economist

A corporate default wave already taking hold would get worse if the Federal Reserve keeps interest rates high well into 2024, warned Torsten Slok, chief economist at Apollo Global Management.

“The bottom line is that the cost of capital has increased significantly, and Fed hikes are biting harder and harder, particularly for companies with weak credit fundamentals,” Slok’s team wrote in a monthly outlook Wednesday.

Here’s…