Torsten Slok, Chief Economist and Partner at Apollo Global Management, has listed 12 risks that the Global market might face in 2025, along with the likelihood of each risk occurring. Slok predicts a 90% chance that the USA's tariffs and disappointing Earnings Reports from NVIDIA will occur, the possibility of the USA economy entering a recession is considered zero, while the chance of a severe budget crisis is seen as a low 10%. Slok believes there is a 40% chance that the yield on 10-year U.S. Treasuries will rise above 5% before mid-2025. This is bad news for the economy, as mortgage, credit card, and other Consumer interest rates follow the 10-year rate. Slok estimates a 40% chance of accelerating inflation in the first quarter. A significant rise in inflation could lead the Fed to shift its stance towards raising interest rates instead of lowering them, and Slok believes the likelihood of this scenario materializing is 40%.