Elon Musk Says US Fed’s Interest Rate Needs to Cut Immediately

Elon Musk Says US Fed’s Interest Rate Needs to Cut Immediately
  • The Fed increased its interest rates by 375 basis points this year.
  • Elon Musk calls it the Trend is concerning.

The Federal Reserve is hiking interest rates in an attempt to achieve its dual mission of price stability and maximum sustained employment. As the Fed Chair Jerome Powell discussed at a US forum on the outlook for the economy and the changing labor market. 

Ahead of Jerome Powell Fiscal and Monetary Policy speech, Elon Musk said on Twitter that “the US Federal Reserve needs to cut interest rates immediately”, which he believes massively amplifies the possibility of a severe recession.

Also, Vincent Yu, the CEO, and co-founder of the news and information site Tesmanian, which focus on Tesla and SpaceX, stated on Twitter that he expects a “real economic recession” in the upcoming year. Also, he alarmed people to be ready for “any macro storm” that might come their way.

However, regulators appear with a different opinion. James Bullard, president of the St. Louis Fed, stated on Monday that the Federal Reserve needs to raise interest rates a little more and maintain the rate until 2024.

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