2023 ECONOMIC AND CAPITAL MARKETS OUTLOOK Exhibit 14: If history is any guide, it could take two years for inflation to return to 2% % Yo % YoY Y CPI (LS) 1966–1982 (RS) 11 15 14 9 13 12 7 11 10 5 9 8 3 7 6 5 1 4 In the 1970s it took 2 es 3 -1 o intion to noi e 2 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: BLS, Bloomberg, Apollo Chief Economist. Data as of October 31, 2022. The information herein is provided for educational purposes only and should not be construed as financial or investment advice, nor should any information in this document be relied on when making an investment decision. Opinions and views expressed reflect the current opinions and views of the author(s) and Apollo Analysts as of the date hereof and are subject to change. Please see the end of this document for important disclosure information. 10