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Elon Musk: The Federal Reserve's recent rate hike may go down in history as the most destructive in history
News category: negative ⛔️
Summary :
▪️ Tesla CEO and Twitter boss Elon Musk says the Federal Reserve's recent rate hike "may go down as the most damaging date in history." The billionaire has called on the Federal Reserve to cut interest rates immediately, stressing that the US central bank is "drastically increasing the likelihood of a severe recession."
▪️ His warning was in response to a tweet by former investment manager Genevieve Roche-Dektor that "the Federal Reserve has never raised rates faster than this year." At the risk of being repetitive, this Fed rate hike may go down as the most damaging in history, Musk wrote. Roch Decker also included a chart with his tweet showing that the Fed has raised interest rates more and faster this year than at any other time in modern history.
Musk also blamed the Federal Reserve for the loss of Tesla's market value. Investment adviser Ross Gerber tweeted last week: “Elon has now wiped $600 billion off Tesla's fortune and has yet to wipe anything from Tesla's BOD [Board of Directors]. This is completely unacceptable." Musk replied: Tesla is performing better than ever. We do not control the Fed. Here is the real problem.
▪️ This billionaire has warned several times about the dangers of raising interest rates by the Federal Reserve. Earlier this month, he warned that the recession would worsen if the Fed raised interest rates again. Then the Central Bank increased the interest rate by 50 points after four consecutive increases of 75 points. Last month, Musk warned that "the trend is worrisome" and stressed that the Fed "must cut interest rates immediately." He added: "They are strongly strengthening the possibility of a severe recession." The billionaire also previously said that he believes the recession will continue until the spring of 2024.
News category: negative ⛔️
Summary :
▪️ Tesla CEO and Twitter boss Elon Musk says the Federal Reserve's recent rate hike "may go down as the most damaging date in history." The billionaire has called on the Federal Reserve to cut interest rates immediately, stressing that the US central bank is "drastically increasing the likelihood of a severe recession."
▪️ His warning was in response to a tweet by former investment manager Genevieve Roche-Dektor that "the Federal Reserve has never raised rates faster than this year." At the risk of being repetitive, this Fed rate hike may go down as the most damaging in history, Musk wrote. Roch Decker also included a chart with his tweet showing that the Fed has raised interest rates more and faster this year than at any other time in modern history.
Musk also blamed the Federal Reserve for the loss of Tesla's market value. Investment adviser Ross Gerber tweeted last week: “Elon has now wiped $600 billion off Tesla's fortune and has yet to wipe anything from Tesla's BOD [Board of Directors]. This is completely unacceptable." Musk replied: Tesla is performing better than ever. We do not control the Fed. Here is the real problem.
▪️ This billionaire has warned several times about the dangers of raising interest rates by the Federal Reserve. Earlier this month, he warned that the recession would worsen if the Fed raised interest rates again. Then the Central Bank increased the interest rate by 50 points after four consecutive increases of 75 points. Last month, Musk warned that "the trend is worrisome" and stressed that the Fed "must cut interest rates immediately." He added: "They are strongly strengthening the possibility of a severe recession." The billionaire also previously said that he believes the recession will continue until the spring of 2024.
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