Elon Musk, CEO of Tesla and Chief of Twitter The Federal Reserve said the recent rate hike “may go down in history as the most damaging ever.” The billionaire has called on the US Federal Reserve to cut interest rates immediately, highlighting that it is “significantly increasing the likelihood of a deep recession.”
Elon Musk on Federal Reserve Rate Hike
Tesla, SpaceX and Twitter boss Elon Musk said Thursday that the Federal Reserve He warned of the ramifications of raising interest rates too quickly.
His warning was in response to a tweet by former investment manager Genevieve Roch-Decter, saying “The Fed has never hiked rates faster than this year.” . Musk writes:
At risk of repetition, these Fed rate hikes could be the worst in history as the most damaging yet. there is.
Roch-Decter also included a chart in his tweet showing that the Fed has raised interest rates even faster this year than at any time in modern history.
Many agreed with the mask. “Okay Elon. , one Twitter user wrote. Another explainer explains: The Federal Reserve is compensating for it by hurting rate hikes…it will get worse.
Musk also accused the Federal Reserve of losing Tesla’s market value. Investment adviser Ross Garber tweeted last week. Totally unacceptable. Musk replied:
Tesla is doing better than ever. We don’t control the Federal Reserve. That’s the real issue here.
The billionaire has warned several times about the risk of interest rate hikes by the Federal Reserve. The central bank then raised rates by 50 basis points after four consecutive hikes of 75 basis points.
Last month, Musk warned of a “worrying trend” and stressed that the Fed “needs to cut interest rates immediately.” “They greatly amplify the likelihood of a deep recession,” he added. The billionaire has also previously said he believes the recession will last until spring 2024.
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