The Federal Reserve needs to cut interest rates immediately or risk triggering a severe recession, according to Tesla CEO and Twitter chief Elon Musk.
Revere Securities non-executive chairman Kyle Wool discusses whether the Fed will continue to aggressively hike rates at December's FOMC meeting on 'Varney & Co.'to cut interest rates as soon as possible, warning that its aggressive tightening campaign this year raised the likelihood of a deep and painful downturn in the U.S. economy. and Twitter chief urged the central bank to reverse course on concerns the economy is headed for a recession in 2023.
This is not the first time that Musk has taken a shot at the U.S. central bank, which is trying to rein in stubbornly high inflation that is still running near the hottest pace in four decades. The wealthiest man in the world first expressed concern in September that the Fed risks the possibility of deflation – a sudden plunge in prices and consumer spending – with its rapid rate hikes, and called on policymakers to cut rates by 25 basis points.
He has described the economic backdrop as "dire," and said that Twitter faces a "challenging economic climate" in an email to staff.
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