The US is headed for recession, but a key difference from past downturns could make it milder, Apollo chief economist says

• The US economy is headed for a recession, but it's likely to be milder than prior slumps, Apollo's chief economist said.
• That's because any potential slowdown this time around would be "engineered" by the Fed, Torsten Sløk told CNBC.
• When recession arrives, the Fed can undo the measures it took that initially slowed the economy, he added.

The last time the economy tanked, a deadly virus had forced the world to a grinding halt. The time before that, shoddy home loans caused the housing sector to collapse. The time before that, hype around the internet overinflated tech stocks. 

Another recession is coming, but this time around the culprit is also the savior, making it a lot less harmful, according to Apollo Management's chief economist, Torsten Sløk.