Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately – Economics Bitcoin News
, 2022-11-30 18:34:32,
Tesla CEO and Twitter boss Elon Musk has warned of a severe recession in the U.S. The billionaire stressed that the Federal Reserve needs to cut interest rates “immediately,” emphasizing that the Fed is “massively amplifying the probability of a severe recession.”
Elon Musk Warns About Severe Recession
Tesla CEO and Twitter chief Elon Musk warned about a severe recession in the U.S. on Wednesday.
Replying to Vincent Yu who tweeted that he is “expecting a real economic recession in 2023,” Musk said the trend is concerning, emphasizing that the Federal Reserve “needs to cut interest rates immediately.” The billionaire stressed that the Fed is “massively amplifying the probability of a severe recession.”
Sven Henrich, founder and the lead market strategist for Northmantrader, joined the discussion. He replied to Musk and Yu: “Ironically the Fed continues to project positive GDP growth for next year despite all the obvious signs. But they did the same thing in 2008. As always they will panic cut rates once the recession impact is here & then blame unforeseen factors.” In another tweet, Henrich described:
The Fed stayed too easy for too long totally misreading inflation and now they’ve tightened aggressively into the highest debt construct ever without accounting for the lag effects of these rate hikes risking they’ll be again late to realize the damage done.
Musk concurred, tweeting: “Exactly.”
Many people agreed with Musk. One…
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