Resilient fundamentals and robust technicals drove credit performance in the first half of 2025. Despite tariff headlines, geopolitical tensions, and policy volatility, credit held firm. Solid fundamentals, strong demand, and limited new supply helped anchor spreads. We expect these supportive dynamics to persist through year-end.

In a new episode of The View from Apollo podcast, Apollo Chief Economist Torsten Sløk speaks with Alex Wright, Global Wealth Strategist in the Client and Product Solutions Group at Apollo, about opportunities to better position portfolios in the midst of continued tariff announcements and the prospect of more market turmoil.

US tariffs have climbed to their highest level in nearly 90 years, fueling market volatility and creating uncertainty for corporations. The result? We see slower growth, higher inflation, and rates staying higher for longer. While we don’t foresee a recession, we expect headwinds on both supply and demand fronts.

We believe European private credit is a fast-growing market with potential to rival the US, offering scale, attractive returns, and strong geographic diversification.