Apollo Capital CEO: the United States is in an atypical recession. Apollo Capital Management CEO Marc Rowan believes that the United States is in an atypical recession and that financial markets will feel some pain while the economy is still strong. Fixed income and stock markets have adjusted, Rowan said on Tuesday. Other areas, including real estate, have not yet fully reflected the impact of rising interest rates. "when it comes to adjustment, there is a long way to go," Rowan said. "when it comes to growth, there is also a long way to go." Rowan said the impact of the Fed's aggressive rate hike would affect the entire economy in the next 12 to 24 months, adding that he would be surprised if inflation fell to 2% by the next general election. Financial market participants will feel pain, he said, but other signals in the economy, such as unemployment levels, are not consistent with the recession.